Wolfspeed reaches its August 19 report with weak operating evidence and unusually crowded positioning pulling in opposite directions. Management's $140 million to $160 million revenue guide is below the trailing quarterly pace. Gross margin remains negative, and Chinese substrate competition continues to pressure pricing.
Short interest is close to 47% of shares outstanding. That helps explain why a bearish screen on July 31 was followed by a 39.2% five-session squeeze, and why a static valuation conclusion is not enough. The next report must show whether utilization can improve margin and cash use.
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