Wolfspeed Inc. (NYSE: WOLF) shares fell 12% to $25.74 in Thursday morning trading after the silicon-carbide chipmaker reported a fiscal fourth-quarter 2026 adjusted loss of $2.26 per share, which the latest report described as wider than analysts expected. Revenue was $149.6 million and adjusted non-GAAP gross margin remained negative at 20%. Power Products revenue was $106.3 million, while Materials Products revenue was $43.3 million, with the materials business facing customer inventory digestion and a transition to 200-millimeter substrates. AI data-center revenue rose 20% sequentially. Wolfspeed guided fiscal first-quarter 2027 revenue to $140 million to $160 million and adjusted operating expenses to $62 million to $66 million. ON Semiconductor fell 2% to $74.83 without fresh company news, while the iShares Semiconductor ETF declined 0.5% to $517.20, suggesting the market viewed Wolfspeed's move as company-specific. Wolfspeed was still up 67% year to date through Wednesday's close, compared with gains of 41% for ON Semiconductor and 73% for SOXX.