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Investing.com -- GlobalFoundries (NASDAQ:GFS) stock rose 7% after the semiconductor manufacturer announced an expanded partnership with Apple (NASDAQ:AAPL) to advance wireless connectivity and power management technologies, reinforcing U.S. chip manufacturing leadership.
The deeper collaboration will enable GlobalFoundries to accelerate investments at its semiconductor manufacturing facility in Malta, New York. The partnership focuses on manufacturing critical wireless connectivity technologies and power management solutions that will be key components in 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 noted that the partnership is part of the company’s new American Manufacturing Program and its $600 billion commitment to the U.S. over the next four years.
In June, GlobalFoundries announced plans to invest $16 billion to expand semiconductor manufacturing and advanced packaging across its facilities in New York and Vermont, working with major technology partners. These efforts align with the administration’s policies prioritizing American leadership in AI and domestic semiconductor manufacturing for national and supply chain security.
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