Tesla's plan to slash its use of rare-earth metals in future vehicle production sends semiconductor stocks tumbling
, all of which are semiconductor companies that produce chips with silicon carbide.
Shares of Wolfspeed fell as much as 14% on Thursday, while STMicroelectronics and On Semiconductor fell 7% and 8%, respectively. But some investors are buying the dips in these semiconductor stocks as Tesla gave no timeline as to when its next-generation advancements will be implemented into its production process, and the company has a history of announcing future products but severely missing their production timelineIn defense of Wolfspeed, Roth MKM analyst Craig Irwin said in a note:"In our opinion, Tesla has a history of overstatement, so in all likelihood this claimed improvement in heat extraction accelerates...
Bank of America maintained its"Buy" rating on On Semiconductor with a $90 price target, while Roth MKM maintained its"Buy" rating and $95 price target for Wolfspeed.
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