GlobalFoundries secures $1.5 billion in CHIPS Act funding for US expansion

The Biden administration is granting $1.5 billion in funding to GlobalFoundries to bolster semiconductor production under the CHIPS Act . The company, which spun out from AMD in 2009 and also has access to $1.6 billion in loans from the CHIPS Program Office, will split the cash between three projects. First, GlobalFoundries will build a new fabrication facility in Malta, New York, where it aims to produce "high value technologies not currently available in the US," the Department of Commerce sai...