What's Going On With GlobalFoundries Stock Friday?

GlobalFoundries, Inc. GFS shares are trading higher on Friday after the company announced plans to create a new center for advanced packaging and testing of US-made essential chips.

The Details: The center, located within GlobalFoundries’ New York manufacturing facility, will focus on domestic production, testing, processing and packaging of semiconductors to meet growing demand for the company’s silicon photonics and other essential chips.

GlobalFoundries is set to invest $575 million in the center, with an additional $20 million in support from New York and $75 million from the U.S. Department of Commerce.

“We’re proud to partner at the state and federal level on this new center, which is a direct response to our customers asking for more geodiversity in their supply chains and additional support with advanced packaging solutions for GF silicon photonics, Trusted, and 3D/HI offerings,” said Dr. Thomas Caulfield, president and CEO of GlobalFoundries.

“The New York Advanced Packaging and Photonics Center will be unique in our industry and will play a vital role in the continued growth of the Empire State’s world-class semiconductor manufacturing and innovation ecosystem.”

See Also: How Is The Market Feeling About Palantir Technologies?

GFS Price Action: At the time of writing, GlobalFoundries stock is trading 5.60% higher at $43.22, according to data from Benzinga Pro.

Image: Courtesy of GlobalFoundries, Inc.