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05:24 PM EDT, 10/07/2026 (MT Newswires) -- General Dynamics (GD) on Wednesday said its board has elected company President Danny Deep as CEO, effective Jan. 1, 2027. Deep will succeed Phebe Novakovic, who has served as CEO since 2013 and will transition to executive chairman. Deep has been with the company for 25 years and became president in 2025, the company said.

Reuters, October 7 — Chip manufacturer Wolfspeed (WOLF.N) announced on Wednesday that it has received a conditional loan commitment of up to 1.5 billions USD from the U.S. Department of Defense (DoD) to expand domestic production of silicon carbide materials and power devices. Boosted by this news, its stock price surged by 27% in after-hours trading. Wolfspeed uses silicon carbide to produce chips, which are more energy efficient and widely utilized in electric vehicles, solar inverters, and industrial power systems that require large amounts of power conversion. The company stated that this 30-year conditional loan commitment, provided through the DoD’s Office of Strategic Capital, demonstrates efforts to optimize its capital structure and solidify its financial foundation. Wolfspeed plans to use the funds to upgrade its gallium nitride technology to meet the demands of next-generation communication infrastructure and electronic warfare systems, as well as to develop radiation-resistant capabilities. The financing is subject to due diligence, the signing of definitive agreements, government approvals, and other conditions. According to proposed terms, Wolfspeed will be required to issue warrants to the DoD, allowing it to purchase up to 7.5% of Wolfspeed’s fully diluted equity. (For convenience of non-English readers, Reuters provides automated translations of its reports in multiple languages. Since automated translations may be inaccurate or lack necessary context, Reuters does not guarantee the accuracy of these translations and provides them for reader convenience only. Reuters bears no responsibility for any damage or loss resulting from the use of such features.)