Stock Markets
Wolfspeed raises $2 billion in private financing from Apollo, others – Bloomberg
© Reuters. Wolfspeed (WOLF) raises $2 billion in private financing from Apollo, others – Bloomberg
A semiconductor firm Wolfspeed (NYSE:) has raised $2 billion from a group of private lenders, including Apollo Global Management (NYSE:), according to Bloomberg.
Lenders provided the company with $1.25B while $750 million is available for later use. The deal was reportedly structured as seven-year secured notes that carry a coupon of 9.875% and can be paid back after three years.
Bloomberg reported that Wolfspeed preferred to go this route to gain access to cash as private lenders could provide additional financing if needed. Another benefit of such a deal is that a limited number of parties have access to Wolfspeed’s IP.
Generated proceeds are expected to support the expansion of Wolfspeed’s production factories.
By Arathy Somasekhar
HOUSTON (Reuters) -Oil prices edged higher on Friday and were on track for weekly gains as cold weather in Europe and the U.S. as well as additional economic stimulus flagged by China helped push prices in the previous session to their highest in more than two months.
futures were up 69 cents, or 0.9%, at $76.62 a barrel by 12:49 p.m. ET (1749 GMT) after settling on Thursday at the highest level since Oct. 25. U.S. West Texas Intermediate crude gained $1.11, or 1.5%, to $74.24.
Brent was on track for a 3.3% weekly gain, while WTI was set for a 5% increase.
Signs of Chinese economic fragility heightened expectations of policy measures to boost growth in the world’s top oil importer.
“China just is unceasing at this point in terms of their announcements about trying to stoke economic activity, and the market’s taking note of that,” said John Kilduff, partner at Again Capital in New York.
Worries about Chinese demand were a factor in bearish demand assumptions last year, he added.
China announced a couple of new measures to boost growth this week with a surprise move to raise wages for government workers and the announcement of a sharp increase in funding from ultra-long treasury bonds.
The additional funding is to be used to spur business investment and consumer-boosting initiatives.
Oil is likely to have gained some price support from expected increased demand for after forecasts for colder weather in some regions.
“Oil demand is likely benefiting from cold temperatures across Europe and the U.S.,” said UBS analyst Giovanni Staunovo.
Also supporting prices, stockpiles dropped by 1.2 million barrels to 415.6 million barrels last week, EIA data showed.
Meanwhile U.S. gasoline and distillate inventories jumped as refineries ramped up output, though fuel demand hit a two-year low.
Holding back prices however, the dollar was on track for its best week in about two months, even as it dipped on Friday, on expectations that the U.S. economy will continue to outperform its peers globally this year and that U.S. interest rates will stay relatively higher.
Higher rates increase borrowing costs, which can cut economic growth and demand for oil.
Following this purchase, Brown holds a total of 150,714 shares in QNB Corp. The company trades at a P/E ratio of 12.6 and has maintained dividend payments for 28 consecutive years. InvestingPro subscribers can access 6 additional key insights about QNBC’s valuation and growth prospects. The company trades at a P/E ratio of 12.6 and has maintained dividend payments for 28 consecutive years. InvestingPro subscribers can access 6 additional key insights about QNBC’s valuation and growth prospects. Following this purchase, Brown holds a total of 150,714 shares in QNB Corp.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Investing.com — U.S. data centers are expected to significantly increase their electricity and water usage by 2028, driven by the rising adoption of AI technology, according to a U.S. Department of Energy report.
The report forecasts data center electricity demand to rise by 13-27% annually, reaching 325-580 terawatt-hours (TWh), or 6.7-12% of total U.S. demand, by 2028.
This marks a sharp increase from 176 TWh in 2023, with AI servers accounting for much of the growth. demand from AI servers alone is expected to grow 4-8 times, surpassing conventional servers by 2028.
Water usage, primarily for cooling, is projected to increase even faster, by 17-33% annually, reaching 145-275 billion liters by 2028. The study highlights a shift towards water-cooled chillers to accommodate the higher energy density of AI-driven data centers.
The DOE study, conducted by the Lawrence Berkeley National Laboratory, underscores the rapid transformation in data center infrastructure, with substantial implications for energy and resource planning in the U.S.
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