President Biden visits NC Triangle, tours Durham's Wolfspeed

President Joe Biden came to Durham yesterday to tour Wolfspeed, an N.C. State-born semiconductor firm expanding its operations in North Carolina amid surging demand for its chips from electric vehicle makers.

Driving the news: The presidential visit is part of a tour meant to highlight manufacturing growth in the country and bills like the Chips and Science Act, which incentivize companies like Wolfspeed to build facilities in the U.S.

• Wolfspeed, founded as Cree in 1987, originally focused on LED lights — but in recent years has transitioned solely to making silicon carbide chips.

Why it matters: Wolfspeed is planning to build a $5 billion silicon carbide facility in Chatham County that could employ up to 1,800 workers.

• Neill Reynolds, the company's chief financial officer, said the CHIPS Act is an important part of the company's growth.
• Already, state and local governments will provide about $775 million in incentives if Wolfspeed meets hiring and investment goals.

What they're saying: Biden remarked he originally visited the company in 2010 to see its light bulbs.

• "Hell of a lot more than light bulbs now," he said.

Go deeper: Wolfspeed CEO explains $5 billion Chatham County expansion