Wolfspeed CEO on $750M CHIPS grant, domestic chip production

EV chipmaker Wolfspeed (WOLF) is set to receive a $750 million CHIPS Act grant from the US government. Wolfspeed CEO Gregg A. Lowe, joins Asking for a Trend to discuss the grant and how it will contribute to the company's growth. Lowe explains that the funding will go toward expanding two of its facilities in North Carolina and New York, and ultimately drive scale, which will "help keep the advantage of this technology in the United States." As Wolfspeed seeks to grwo, it has also been focusing on workforce development by teaming up with local colleges, universities, and technical schools. Lowe points to a partnership with the North Carolina Agricultural and Technical State in Greensboro, which graduates more Black engineers than any other school in the US. "So the workforce development has been something we've been working on now for quite some time and we've had a really good success rate in bringing people into our company," he explains. With the government's efforts to reshore critical industries like chipmaking, Lowe tells Yahoo Finance, "the semiconductor industry is definitely taking a very strong position of rebuilding that capability here in the United States." He emphasizes the importance of keeping its silicon carbide technology in the US to dispel any worries about trade secrets and intellectual property. "It's just something that has been part of our DNA since the founding of the company nearly 40 years ago. And we've just said, look, this technology is too important. And we just can't have it manufactured outside the United States, especially in Asia," Lowe says. To watch more expert insights and analysis on the latest market action, check out more Asking for a Trend here. This post was written by Melanie Riehl