U.S. government provides GlobalFoundries with $1.5 billion in subsidies to expand chip production

The U.S. Department of Commerce announced that it has provided $1.5 billion in government subsidies to GlobalFoundries, the world's third largest chipmaker, to support the expansion of its wafer fabs in Malta and New York, introduce technologies from factories in Singapore and Germany, and provide chips for the U.S. automotive industry. GlobalFoundries also plans to build a new wafer fab in New York and Malta to produce chips for industries such as automobiles, artificial intelligence, and aerospace, based on market demand and customer needs.