Qualcomm, GlobalFoundries extend chipmaking agreement

Aug. 08, 2022 9:16 AM ETQUALCOMM Incorporated (QCOM), GFSF, AMATBy: Rex Crum, SA News Editor7 Comments

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  • Qualcomm (NASDAQ:QCOM) and GlobalFoundries (NASDAQ:GFS) wasted little time piggybacking on the passage of U.S. CHIPS and Science Act by saying on Monday they had reached a new long-term semiconductor supply agreement.
  • The two companies said they will more-than-double their current manufacturing agreement in an arrangement that "secures [chip] wafer supply and commitments to support U.S.-based manufacturing." The deal involves the capacity expansion at GlobalFoundries (GFS) chipmaking facility in Malta, New York.
  • Qualcomm (QCOM) and GlobalFoundries (GFS) made the announcement at a summit of corporate chief executives in Washington, D.C. on Monday that was hosted by GlobalFoundries (GFS), Applied Materials (AMAT) and the Ford Motor Company (F).
  • The agreement specifically covers chips related to 5G wireless transceivers, Wi-Fi, automotive and Internet of Things [IoT] connectivity technologies.
  • Both the U.S. Senate and House passed the CHIPS Act in late July, and President Joe Biden was expected to sign the measure into law this week.

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