GlobalFoundries (GFS) was selected to run two new chip fabrication sites at its New York campus, part of a $21 billion U.S.-Japan investment initiative. The first fab is expected to receive about $10 billion and begin operations in 2029, while a second fab could receive another roughly $10 billion, subject to the initiative's plans. Together, the fabs could add about 1.8 million 300-millimeter wafers of annual U.S. capacity and create around 27,000 construction and ecosystem jobs plus more than 1,000 high-skilled manufacturing positions. Separately, an amended CHIPS and Science Act award will redirect $955 million toward silicon photonics, SiGe and advanced packaging, and the U.S. Department of Commerce will take an approximately 4% equity stake in the company. GFS shares rose nearly 5% in morning trade despite broader market weakness after CPI rose 3.7% year over year, hotter than the 3.6% economists expected.
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- Japan Is Putting Up to $21 Billion Into New GlobalFoundries Chip Plants in New York
Japan will provide up to $21 billion for two new chip plants in Malta, New York, with GlobalFoundries named technology provider and operator under a U.S.–Japan initiative. The first fab, with about $10 billion tied to it, is expected online in 2029, while a second fab carries about $10 billion more, described as an upper limit; at full operation each could produce about 900,000 wafers a year. In exchange, GlobalFoundries will redirect its existing $955 million CHIPS Act award toward silicon photonics, silicon-germanium and advanced packaging in Malta and Burlington, Vermont, and the Commerce Department will receive an equity stake. The fee structure and the size of the government stake have not been fully disclosed, while Communications Infrastructure and Datacenter revenue grew 62.0% in the second quarter and automotive revenue fell 9.5%. GFS rose 4.80% to $48.94 on a day the Nasdaq fell 1.9%.
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