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Wolfspeed (NYSE: WOLF) , the chipmaker formerly known as Cree, saw its stock price hit a record high of $141.87 on Nov. 16, 2021. At the time, investors were dazzled by its rapid post-pandemic recovery and the growth potential of its specialty chips.
But today Wolfspeed stock trades at about $50. It lost its luster as its growth cooled off, it remained unprofitable, and rising interest rates deflated its valuations. Does that steep pullback represent a good buying opportunity for long-term investors?