Some people might think that but we don't believe it is because it offers massive benefits over silicon in maximum voltage, switching efficiency, heat dissipation, and pretty much anything else. For markets which are running constantly, the high initial cost of SiC pays for itself through lower electricity usage.
If you look at it from a demand point of view, device manufacturers can't get enough of it. Rohm's internal SiC wafer unit SiCrystal for the first time announced it was doing merchant market sales a few months ago as the few suppliers who can produce it at scale are at capacity. Cree has signed numerous long-term contracts totaling over $1B, much larger than Cree's most recent fiscal year revenue. One of those deals is with STMicro, who ordered $500M in wafers from Cree and purchased Norstel as an internal source before contracting Rohm for another $120M worth just two months ago.
The only problems are cost, yield, and wafer size (currently moving to 8 inch versus silicon on 12+ inch wafers), which are typical for really any new semiconductor technology but especially for SiC. The process of growing SiC boules is nothing like the process for silicon ingots and requires completely separate machinery so the existing silicon guys can't just switch over to SiC easily. So essentially demand is there while supply isn't.
