GLOBALFOUNDRIESNASDAQ: GFS

Technology acquisition expands GF's power management solutions and differentiated roadmap Technology acquisition expands GF's power management solutions and differentiated roadmap

Semiconductor stocks are delivering record performance as of late. Key technological breakthroughs in fields such as artificial intelligence have caused a gold rush atmosphere across the chip stock space.

Collaboration to focus on U.S. chip manufacturing and joint research and development for advanced chip technologies Collaboration to focus on U.S. chip manufacturing and joint research and development for advanced chip technologies

GF commits to framework of U.S. Commerce Secretary Gina Raimondo's “Million Women in Construction” Initiative GF commits to framework of U.S. Commerce Secretary Gina Raimondo's “Million Women in Construction” Initiative

Following demand from customers, collaboration will provide a new supply of chips on GF's power efficient and feature-rich 7HV semiconductor platform Following demand from customers, collaboration will provide a new supply of chips on GF's power efficient and feature-rich 7HV semiconductor platform

MALTA, N.Y., May 30, 2024 (GLOBE NEWSWIRE) -- GlobalFoundries (Nasdaq: GFS) (GF) has been named to USA Today's “America's Climate Leaders 2024” list. GF's inclusion on the list, announced today and viewable here, is the latest recognition of the company's longstanding commitment to sustainability and corporate responsibility.

MALTA, N.Y., May 22, 2024 (GLOBE NEWSWIRE) -- GlobalFoundries Inc. (“GlobalFoundries” or “GF”) (Nasdaq: GFS) today announced the launch of a secondary public offering of $950 million of its ordinary shares (including a $200 million share repurchase, as described below). All of the shares in the offering are being offered by Mubadala Technology Investment Company (the “Selling Shareholder”). The Selling Shareholder is a wholly owned subsidiary of Mubadala Investment Company PJSC (which, together with its affiliates, is GlobalFoundries' largest shareholder). The Selling Shareholder is expected to grant the underwriters a 30-day option to purchase up to an additional $112.5 million of GlobalFoundries' ordinary shares (equal to 15% of the initial ordinary shares being sold to the public).

Susquehanna analyst Mehdi Hosseini changed his rating to Neutral from Positive.

When I last wrote about GlobalFoundries ( GFS ) in early July, as shares were trading near $65, I summed up that this "US-based Semi fabricator fights to draw new business in a global nanometer AI-chip war." Well after their Q4 report two weeks ago, the story has not improved, with continued year-over-year declines in sales and profits and weaker guidance for both that has dropped the stock back into the cellar of the Zacks Rank.