(PR) GlobalFoundries and Qualcomm Announce Extension of Long-term Agreement to Secure U.S. Supply through 2028

Following the recent passage of the U.S. CHIPS and Science Act last week, GlobalFoundries (Nasdaq: GFS) (GF), a global leader in feature-rich semiconductor manufacturing and Qualcomm Technologies, Inc. today announced they are more than doubling their existing strategic global long-term semiconductor manufacturing agreement previously entered into by GF’s and Qualcomm’s respective subsidiaries. Today’s announcement secures wafer supply and commitments to support U.S.-based manufacturing through capacity expansion at GF’s most advanced semiconductor manufacturing facility, in Malta, New York.

The announcement was made in Washington D.C. at a CEO Summit co-hosted by GF, Compania de motores ford, and Applied Materials, which included National Economic Council Director Brian Deese, Under Secretary of Defense for Acquisition & Sustainability Dr. William LaPlante, and National Security Council Senior Director for Technology & National Security, Tarun Chhabra underscoring the importance of domestic manufacturing to national and economic security. The Summit included CEOs and senior leaders from across the semiconductor supply chain from tool and wafer manufacturers to key suppliers to end users of chips manufactured in the U.S.