The Biden-Harris administration announced plans to provide up to $750 million in direct funding to Wolfspeed, with the money supporting its new silicon carbide factory in North Carolina that makes the wafers used in advanced computer chips and its factory in Marcy, New York.

President-elect Joe Biden speaks during an event at The Queen theater in Wilmington, Del., Thursday, Jan. 7, 2021, to announce key nominees for the Justice Department. (AP Photo/Susan Walsh)(Copyright 2021 The Associated Press. All rights reserved.)