GlobalFoundries Shares Rise on Supply Deal Extension
August 08 2022 - 11:54AM
Dow Jones News
By Dean Seal
Shares of GlobalFoundries Inc. were up 7.7% to $57.20 in early
trading Monday after the company disclosed the extension of a
supply deal with a Qualcomm Technologies Inc. subsidiary.
The contract chip maker and Qualcomm said they were more than
doubling their existing long-term semiconductor manufacturing
agreement, which will run through 2028.
The agreement covers the companies' collaboration for 5G
receivers, wi-fi, automotive and internet-of-things
connectivity.
"With accelerating demand for 5G, automotive and IoT
applications, a robust supply chain is critical for ensuring
innovation in these areas remains uninterrupted," said Roawen Chen,
Qualcomm's supply chain and operations chief.
U.S. Senate Majority Leader Chuck Schumer praised the extension,
noting that it comes on the heels of the Senate approving the CHIPS
and Science Act of 2022, which aims to foster a domestic
semiconductor industry.
"With major new federal incentives for microchip manufacturing
in the U.S., I look forward to many more announcements like this to
come," he said.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
August 08, 2022 11:39 ET (15:39 GMT)
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