T. Rowe Price Discloses 14.8% Stake in Wolfspeed; Mid‑Cap Fund Holds 8.6%

Rhea-AI Filing Summary

T. Rowe Price Associates, Inc. filed a Schedule 13G reporting beneficial ownership of 4,228,383 shares of Wolfspeed Inc. common stock, representing 14.8% of the class. The filing shows 1,525,456 shares with sole voting power and 4,228,383 shares with sole dispositive power. The disclosure notes that T. Rowe Price acts as investment adviser to clients and that T. Rowe Price Mid-Cap Value Fund holds 2,464,220 shares (about 8.6% of the class).

The filing states the shares were acquired in the ordinary course of business and are not held to influence control of Wolfspeed. The form lists principal offices for Wolfspeed and for T. Rowe Price Associates and is signed by a Price Associates vice president.

Positive

• Material passive stake of 4,228,383 shares representing 14.8% of the class
• T. Rowe Price Mid-Cap Value Fund holds 2,464,220 shares (about 8.6%)
• Filing asserts passive intent (Schedule 13G), stating shares are not held to change control

Negative

• None.

Insights

Institutional Ownership Analyst

T. Rowe Price holds a material passive stake of 14.8% in Wolfspeed.

The filing discloses that 4,228,383 shares (14.8% of the class) are beneficially owned with sole dispositive power, while 1,525,456 shares carry sole voting power. This indicates sizeable economic exposure managed through discretionary portfolios, including a named fund with 2,464,220 shares (8.6%).

The position is presented as passive under Schedule 13G, meaning the adviser states the stake is held in the ordinary course and not to change control. Monitor periodic filings for any change to Schedule 13D or material increases/decreases that would alter the passive classification within the next reporting cycle.

Corporate Governance Specialist

The reported share block could be influential in shareholder votes despite passive designation.

The filer reports sole voting power over 1,525,456 shares; while that is less than the total economic stake, it still represents a notable voting bloc. As an investment adviser, Price Associates votes on behalf of clients per fund mandates and could affect proxy outcomes if aligned with other holders.

Investors and the company should watch for proxy season activity or any shift to an active filing type; changes to voting instructions or coordination with other holders would be the near-term governance signals to observe.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

WOLFSPEED INC

(Name of Issuer)

COMMON STOCK

(Title of Class of Securities)

97785W106

(CUSIP Number)

09/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 97785W106

1

Names of Reporting Persons

T. Rowe Price Associates, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

MARYLAND

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,525,456.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 4,228,383.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,228,383.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

14.8 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: WOLFSPEED INC
(b)	Address of issuer's principal executive offices: 4600 SILICON DR, DURHAM, NC, 27703
Item 2.
(a)	Name of person filing: T. Rowe Price Associates, Inc.
(b)	Address or principal business office or, if none, residence: 1307 Point Street, Baltimore, MD 21231
(c)	Citizenship: Maryland
(d)	Title of class of securities: COMMON STOCK
(e)	CUSIP No.: 97785W106
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 4228383
(b)	Percent of class: 14.8 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1525456
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 4228383
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Ownership of More than Five Percent on Behalf of Another Person (1) Price Associates does not serve as custodian of the assets of any of its clients; accordingly, in each instance only the client or the client's custodian or trustee bank has the right to receive dividends paid with respect to, and proceeds from the sale of, such securities. The ultimate power to direct the receipt of dividends paid with respect to, and the proceeds from the sale of, such securities, is vested in the individual and institutional clients which Price Associates serves as investment adviser. Any and all discretionary authority which has been delegated to Price Associates may be revoked in whole or in part at any time. Except as may be indicated if this is a joint filing with one of the registered investment companies sponsored by Price Associates which it also serves as investment adviser ("T. Rowe Price Funds"), not more than 5% of the class of such securities is owned by any one client subject to the investment advice of Price Associates. (2) [T. ROWE PRICE MID-CAP VALUE FUND ]: T. ROWE PRICE MID-CAP VALUE FUND, of which T. Rowe Price Associates, Inc. is the investment adviser, holds the securities reported herein in their investment portfolio managed by T. Rowe Price Associates, Inc. and such funds have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities that they hold. T. ROWE PRICE MID-CAP VALUE FUND has an interest in 2,464,220 of the class reported herein representing 8.6% of the class.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. T. Rowe Price Associates, Inc. hereby declares and affirms that the filing of Schedule 13G shall not be construed as an admission that Price Associates is the beneficial owner of the securities referred to, which beneficial ownership is expressly denied.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

T. Rowe Price Associates, Inc.

Signature:	Ellen York
Name/Title:	Vice President
Date:	10/07/2025

FAQ

What stake does T. Rowe Price report in Wolfspeed (WOLF)?

T. Rowe Price Associates reports beneficial ownership of 4,228,383 shares, equal to 14.8% of Wolfspeed's common stock.

How many Wolfspeed shares does T. Rowe Price have voting power over?

The filing shows sole voting power over 1,525,456 shares and 0 shares with shared voting power.

Does T. Rowe Price hold Wolfspeed shares on behalf of a specific fund?

Yes. The T. Rowe Price Mid-Cap Value Fund is identified with an interest of 2,464,220 shares, about 8.6% of the class.

Is the position reported as active or passive?

The position is reported on Schedule 13G and the filer certifies the shares are held in the ordinary course of business and not to influence control, indicating a passive position.

Who signed the Schedule 13G for T. Rowe Price?

The filing is signed by Ellen York, Vice President, with a signature date of 10/07/2025.