Stock Track | Wolfspeed Plunges 11.09% in Pre-Market Amid Semiconductor Sector Weakness and Profit-Taking After Rally

Stock Track05-15

Wolfspeed Inc. (WOLF) experienced a pre-market plunge of 11.09% as the semiconductor manufacturer's stock was caught in a broad sector selloff combined with profit-taking pressure following a multi-day rally.

The decline was part of wider weakness in chip and storage stocks during pre-market trading, reflecting significant sector-wide selling pressure. The pullback came after Wolfspeed had rallied substantially over preceding sessions, driven by several positive developments including AI data center business revenue growing approximately 30% sequentially, completion of debt restructuring, a bullish research report highlighting its strategic position in AI, and a significant increase in Citigroup's stake.

However, traders engaged in profit-taking as the company's latest quarterly results showed fundamentals remain in a recovery phase with soft forward guidance, despite the recent positive catalysts. The concentrated selling pressure following the sharp cumulative gains contributed to the significant pre-market decline.

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