The previously leaked decision toawardGlobalFoundries $1.5 billion in subsidies to manufacture chips in the US is now official.
The $1.5 billion award follows a preliminary memorandum of terms signed in February 2024, according to GlobalFoundries.
GlobalFoundries will use the $1.5 billion award to support three specific projects.
This new technology is expected to provide a reliable supply of essential chips for the US automotive industry.
Lastly, GlobalFoundries will build a completely new manufacturing plant within its Malta, New York campus.
GF will also work with New York and Vermont authorities to develop a qualified workforce for its semiconductor business.
