Tesla's plan to slash its use of rare-earth metals in future vehicle production sends semiconductor stocks tumbling

• Tesla's plan to cut its use of silicon carbide sent some semiconductor stocks falling on Thursday.
• Wolfspeed, ON Semiconductor, and STMicroelectronics use the rare earth metal to produce semiconductors.
•  Tesla said its next generation powertrain will use a magnet motor that uses 75% less silicon carbide.

Tesla's recent investor day revealed plans for the company to significantly reduce its use of rare earth metals in its next generation vehicles, and that's dragging down a lot of stocks related to the sector.