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Why Wolfspeed Rocketed Over 41% Just This Week

TheMotleyFool

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Why Wolfspeed Rocketed Over 41% Just This WeekPhoto, wide shot, wide-angle lens, soft focus, Networking equipment supplier, sunset photo at golden hour, photo by Art Wolfe: https://oaidalleapiprodscus.blob.core.windows.net/private/org-IbuNdCATsFaPOITjFOv2kJh3/user-AXaxqjBUW45D8BadJEo9mUpW/img-LvyAFCAMshu3rGBke5G5gxuI.png?st=2023-05-10T15%3A37%3A29Z&se=2023-05-10T17%3A37%3A29Z&sp=r&sv=2021-08-06&sr=b&rscd=inline&rsct=image/png&skoid=6aaadede-4fb3-4698-a8f6-684d7786b067&sktid=a48cca56-e6da-484e-a814-9c849652bcb3&skt=2023-05-10T02%3A36%3A27Z&ske=2023-05-11T02%3A36%3A27Z&sks=b&skv=2021-08-06&sig=nXxCmLby4SxAAd/YtNVxZStdXrs9BCydapQDQaR/oac%3D

Shares of chipmaker (NYSE: WOLF) rocketed 41.2% this week through Thursday trading, according to data from S&P Global Market Intelligence.

Shares were down more than 80% on the year as of last week, and had garnered a very high short interest. Therefore, any good news had the potential to spark a vicious short-covering rally.

Wolfspeed then got not one but several pieces of good news on Tuesday and Wednesday.

Source Fool.com