U.S. Redirects CHIPS Act Funds, GlobalFoundries to Build Two New Fabs with Japan Investment

The U.S. Department of Commerce is redirecting up to $955 million in CHIPS and Science Act incentives to GlobalFoundries to accelerate investments in silicon photonics, silicon-germanium, and advanced chip packaging. Additionally, GlobalFoundries plans to open two new semiconductor fabrication facilities in Malta, New York, with up to $21 billion in financing from a U.S.-Japan strategic investment initiative.