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Technology Stocks : Wolf speed

WOLF 23.76

-9.7%

Nov 3 3:59 PM EST

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Lou Weed

From: slacker711	8/1/2022 1:50:46 PM
	1 Recommendation of 10712

onsemi's SiC business is en fuego. Their guidance went from doubling revs in '22 to tripling. From $1bn rev run-rate exiting '23 to >$1bn in '23. $4bn in long-term agreements over the next 3 years. It used to be $2.4bn but I'm not sure if the timeframes are comparable. seekingalpha.com As the transition continues to accelerate from ICE vehicles to electric, we expect to see steep growth in our Intelligent Power revenue for automotive. Our progress toward silicon carbide leadership is one that I'm especially proud of. We are seeing a steep acceleration in our silicon carbide ramp and have doubled our silicon carbide revenue quarter-over-quarter in the second quarter. We had forecasted to double last year's silicon carbide revenue in 2022 and thanks to our global team's impressive acceleration of our capacity expansion plans and our latest customer engagement, we are confidently raising our annual projection to triple last year's silicon carbide revenue in 2022 and exceed $1 billion in revenue in 2023. Towards that end, we have also secured more than $4 billion of committed silicon carbide revenue through long-term supply agreements for the next three years as compared to the $2.6 billion we had previously disclosed. To support the steep acceleration in our silicon carbide revenue, we are rapidly expanding capacity across our sites. By the end of this year, we plan to quadruple our substrate output on a year-over-year basis, and we are adding capacity for wafering, IP, and modules at our various sites around the globe. Furthermore, we are adding 200-millimeter silicon carbide capacity at our existing fabs and we are on track to double our front-end wafer capacity by the end of 2023 as compared to that at the end of 2022 and further double that capacity by the end of 2024.

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