GlobalFoundries Secures $1.5 Billion Chip Funding

GlobalFoundries (GF) has secured up to $1.5 billion in funding through the CHIPS and Science Act to expand its semiconductor manufacturing facilities in New York and Vermont. This funding supports the expansion of GF's Malta, New York fab, including technologies from its Singapore and Germany sites, and the modernization of its Vermont fab to produce advanced semiconductors like gallium nitride. The U.S. Department of Commerce finalized this subsidy as part of a broader effort to bolster domestic chip production, enhancing U.S. economic and national security. New York state is contributing an additional $550 million, demonstrating robust state and federal support. This initiative is part of GF's $13 billion investment plan over the next decade, aiming to strengthen supply chains for critical sectors such as automotive, aerospace, and defense. The announcement comes as the Biden administration pushes to finalize CHIPS Act agreements before the next presidential term.