Wolfspeed (WOLF) Jumps to All-Time High on Bankruptcy Exit

We recently published 11 Stocks Crushing Wall Street With Whopping Gains. Wolfspeed Inc. (NYSE:WOLF) is one of the top performers on Tuesday.

Wolfspeed soared to a new all-time high on Tuesday as investors cheered news that it has officially exited bankruptcy protection.

During the session, Wolfspeed Inc. (NYSE:WOLF) jumped to its highest price of $34.28 before trimming gains to end the day just up by 29.41 percent at $28.60 apiece following news that it has completed financial restructuring, officially emerging from Chapter 11 protection.

Through the restructuring process, Wolfspeed Inc. (NYSE:WOLF) has reduced its total debt by approximately 70 percent, with maturities extended to 2030, and lowered its annual cash interest expense by roughly 60 percent.

“Wolfspeed has emerged from its expedited restructuring process, marking the beginning of a new era, which we are entering with new energy and a renewed commitment to the growth mindset and entrepreneurial spirit that have powered Wolfspeed since its inception,” Wolfspeed Inc. (NYSE:WOLF) CEO Robert Feurle said.

“As we enter this new era, we do so with much improved financial stability, a scaled, greenfield and vertically integrated 200mm facility footprint, and our large capital deployment behind us,” he added.

While we acknowledge the risk and potential of WOLF as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than WOLF and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.