GlobalFoundries (GFS) Jumps 11% on Qualcomm Chip Manufacturing Deal

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Go back to GlobalFoundries (GFS) Jumps 11% on Qualcomm Chip Manufacturing Deal

Qualcomm to spend $4.2 billion more on chips from GlobalFoundries

August 8, 2022 8:35 AM EDT

(Reuters) -Qualcomm agreed to buy an additional $4.2 billion in semiconductor chips from GlobalFoundries's New York factory, bringing its total commitment to $7.4 billion in purchases through 2028, according to a filing released Monday.

The announcement expands on a prior $3.2 billion purchasing agreement between the two companies and will produce chips for use in 5G transceivers, Wi-Fi, automotive and Internet of Things (IoT) connectivity.

U.S. chipmaker Qualcomm, which specializes in mobile phone chips, was one of GlobalFoundries' first customers to sign a long-term agreement in 2021, covering multiple geographies and technologies, according to a press release published by the... More