Globalfoundries Inc. Stock Price, News & Analysis

GlobalFoundries (Nasdaq: GFS) is set to host its annual Technology Summit series, focusing on the theme 'AI Everywhere'. The event will highlight the important role of GF-made essential chips in accelerating AI's impact and ubiquity. Industry leaders will gather to discuss technology advancements, trends, and GF's technology platforms that drive smarter, more connected, and efficient devices.

The summit will explore GF's essential chip technology platforms in relation to high-growth markets like smart mobile devices, automotive, IoT, datacenter, communications infrastructure, and aerospace and defense. Semiconductor industry expert Lip-Bu Tan will deliver the keynote address on 'Fueling semiconductor innovation in the next decade'. The North American event will be held at the Santa Clara Convention Center, with additional summits planned in Munich and Shanghai.

GlobalFoundries (GFS) reported Q2 2024 financial results, with revenue of $1.632 billion, exceeding guidance. Key highlights include:

- Gross margin of 24.2% (Non-IFRS: 25.2%)
- Operating margin of 9.5% (Non-IFRS: 13.0%)
- Net income of $155 million (Non-IFRS: $211 million)
- Non-IFRS Adjusted EBITDA of $610 million
- Cash, cash equivalents, and marketable securities of $4.1 billion

GF acquired Tagore Technology's Power GaN business and collaborated with BAE Systems on critical semiconductors. The company released its 2024 Corporate Sustainability Report. For Q3 2024, GF projects revenue between $1.7-$1.75 billion and gross margin of 23.2% (Non-IFRS: 24.0%).

GlobalFoundries (NASDAQ: GFS) has announced a conference call to review its second quarter 2024 financial results. The call will take place on Tuesday, August 6, 2024, at 8:30 a.m. ET. The financial results and a webcast of the call will be available on the company's Investor Relations website. GlobalFoundries is a leading semiconductor manufacturer, providing innovative solutions for high-growth markets.

GlobalFoundries (Nasdaq: GFS) announced the acquisition of Tagore Technology’s Power Gallium Nitride (GaN) IP portfolio on July 1, 2024. This acquisition aims to enhance GF's power management solutions, particularly for applications in automotive, IoT, and AI datacenters. The GaN technology is notable for its high power density and efficiency, making it important for sustainable power management. The deal includes the transfer of Tagore’s experienced engineering team to GF. This acquisition aligns with GF’s strategy to meet growing power demands while improving efficiency, reducing costs, and managing heat generation. Additionally, part of the $1.5 billion funding GF received under the U.S. CHIPS and Science Act will support the high-volume manufacturing of GaN technology.

BAE Systems and GlobalFoundries (GF) have entered a strategic collaboration to enhance the supply of essential semiconductors for U.S. national security programs. The partnership will focus on U.S. chip manufacturing and joint R&D for advanced chip technologies, targeting improvements in semiconductor innovation, packaging, and secure solutions for aerospace and defense systems. This initiative builds on a long-standing relationship and aligns with their receipt of funding from the CHIPS and Science Act. The collaboration aims to bolster the U.S. semiconductor ecosystem, ensuring a reliable and secure microelectronics supply chain for critical defense applications.

GlobalFoundries (GFS) has committed to the U.S. Department of Commerce's CHIPS Women in Construction Framework, a part of the Million Women in Construction initiative led by Secretary Gina Raimondo. This initiative aims to double the number of women in construction over the next decade by implementing five best practices to increase workforce diversity.

Announced by Chief People Officer Pradheepa Raman at a White House event, GF will collaborate with contractors, trade unions, and community partners to achieve these goals. The five best practices include setting goals for increasing women's participation, building community partnerships, developing training pathways, providing access to supportive services, and maintaining safe workplaces.

GF's commitment aligns with its ongoing efforts to support workplace diversity, including a partnership with Micron Technology and the National Science Foundation for workforce development and a student loan repayment program.

ElevATE Semiconductor and GlobalFoundries (GF) have announced a partnership to manufacture high-voltage chips at GF's facility in Essex Junction, Vermont, leveraging GF's proven 7HV semiconductor platform. This collaboration aims to meet the growing demand in commercial semiconductor testing and aerospace and defense systems. The 7HV chips, produced on 200mm wafers, offer power management and wireless sensing capabilities, important for various electronic devices in national security systems. This agreement emphasizes GF's commitment to providing a reliable supply of secure, domestically manufactured chips, supporting U.S. semiconductor and national security ecosystems. The partnership will help ElevATE transition its fabrication processes to GF, ensuring robust supply and meeting escalating customer demands.

GlobalFoundries (Nasdaq: GFS) has been named to USA Today's 'America's Climate Leaders 2024' list, recognizing the company's commitment to sustainability. This accolade is part of GF's broader efforts, including a pledge to achieve net-zero greenhouse gas emissions and 100% carbon-neutral power by 2050. The company aims for a 25% reduction in emissions by 2030, aligned with the Paris Agreement goals. GF has also been recognized by Morningstar Sustainalytics, ISS, and Newsweek for its ESG performance and corporate responsibility.

GlobalFoundries (Nasdaq: GFS) announced a $950 million secondary offering of its ordinary shares priced at $50.75 per share. Mubadala Technology Investment Company, GF's largest shareholder, is the selling shareholder. The offering includes a concurrent $200 million share repurchase by GF. The underwriters have a 30-day option to purchase an additional $112.5 million of shares. The offering closes on May 28, 2024, under customary conditions. GF will not receive any proceeds from the sale. The share repurchase will be funded by GF's cash reserves, with no underwriting discounts or commissions applied. Lead managers include Morgan Stanley, BofA Securities, Citigroup, Goldman Sachs, and J.P. Morgan.