Commerce reallocates up to $955 million of GlobalFoundries' CHIPS award to its U.S. plants

GlobalFoundries

The Department of Commerce agreed to amend GlobalFoundries' existing CHIPS Act award and reallocate up to $955 million of its incentives toward modernising and expanding plants in Malta, New York, and Burlington, Vermont. GlobalFoundries has agreed to raise its capital investment in these facilities to $5 billion. The total award does not grow.

• The work targets silicon photonics and silicon-germanium, plus what the release calls the first U.S.-based source of silicon interposers for advanced packaging.
• The total CHIPS award stays the same; the $955 million is moved within the existing amount.
• GlobalFoundries commits to $5 billion of capital investment across the three facilities.
• The release gives no construction schedule, milestones or disbursement timeline, and does not include the amendment agreement.