Chipmaker Wolfspeed said it has received a conditional loan commitment ​for up to $1.5 billion from the ‌US Department of Defense to expand domestic production of silicon carbide materials and power devices, ​sending its shares surging 16.6% in premarket trading.

Applied Digital shares rose 4% in premarket trading after the neocloud provider reported fiscal first-quarter results that topped Wall Street's estimates.

Optical communications stocks dropped in premarket trading. Photonics & Optics ETF fell 6%; Applied Optoelectronics fell 4%; Coherent, Credo Technology, Ciena, Nokia, and AXT fell 3%; Lumentum, Corning, Marvell Technology, and POET Technologies fell 2%.