Key Takeaways Wolfspeed said it could get up to $2.5 billion from government and investor money infusion.The semiconductor maker received a proposed $750 million from the CHIPS Act, and could also realize $1.

Wolfspeed stock jumped early Tuesday after the EV chipmaker said it secured new financing and could get even more funding from the U.S. Chips Act. The stock was up 21% to $13.77 in the premarket Tuesday.

Wolfspeed Inc., a manufacturer of chips used primarily in electric vehicles, is in line to win $750 million in US government grants as well as $750 million in financing led by Apollo Global Management Inc.