Shares of GlobalFoundries (NASDAQ:GFS) rose 7% following the announcement of an expanded partnership with Apple (NASDAQ:AAPL) aimed at advancing wireless connectivity and power management technologies, strengthening U.S. leadership in semiconductor manufacturing.
The enhanced collaboration will allow GlobalFoundries to accelerate investments at its semiconductor fabrication plant in Malta, New York. The partnership focuses on producing critical wireless connectivity components and power management solutions for next-generation AI-enabled devices.
“Today’s announcement is a significant milestone in our decade-long partnership with Apple, as we work together to manufacture critical wireless connectivity technologies and power management solutions, key parts of next-generation AI-enabled devices,” said Tim Breen, CEO of GlobalFoundries.
Apple’s Chief Operating Officer Sabih Khan highlighted that the partnership aligns with Apple’s American Manufacturing Program and the company’s $600 billion commitment to invest in the U.S. over the next four years.
In June, GlobalFoundries unveiled plans to invest $16 billion to expand semiconductor manufacturing and advanced packaging capabilities across its New York and Vermont facilities, collaborating with major technology partners. These efforts support government initiatives prioritizing American leadership in AI and domestic semiconductor production to bolster national security and supply chain resilience.
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