The story is a fascinating one, but stories alone don't generate revenue. And they certainly don't produce a profit.

Replacing ordinary silicon with silicon carbide has never been a bad idea. The carbon-toughened version of the simple material can be used for higher voltage applications like solar inverters and electric vehicles, since it tolerates higher levels of heat. It's also just more power-efficient. That's why no one's criticized Wolfspeed ( WOLF -34.59% ) for doubling down on the science by virtue of getting out of the LED light bulb business -- when the company was still called Cree -- back in 2020.

As time has marched on though, Wolfspeed's silicon carbide business hasn't proven any more fruitful. The organization's still got no real revenue to speak of ($758 million f

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