Without specimen in hand, it's impossible to be sure.
But I would guess it _could_ be Daldinia concentrica or some similar species of fungus. If so, you're have some significant damage to the tree recently, either by colder than normal weather conditions, or by something striking the tree.
Daldinia concentrica is just one of several related species, many of which are little known at this time. It is also sometimes called "King Alfred's Cakes", or "Cramp Balls".
Assuming that you have detached one of the things from your tree and sliced it open, D. concentrica looks like a layered ball growing outward from the wood. I have seen it growing on wood used to grow shiitake (Lentinula edodes) as well as wood inoculated with Pleurotus ostreatus (Oyster mushroom).
Let's hope it is not Phytopthora (Sudden Oak Death).
Daniel B. Wheeler
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