GlobalFoundries (GFS.O), a company specializing in producing contract chips, announced on Monday that it has applied for funding under the CHIPS legislation of the United States to increase its capacity and update its local manufacturing facilities.
The CHIPS and Science Act allocates $52.7 billion in subsidies for the manufacturing of semiconductors in the United States, as well as for research and the training of workers. Additionally, it contains a tax credit for investments of up to 25 percent for the construction of chip facilities with an estimated value of 24 billion dollars.
“This federal support is critical for GF (GlobalFoundries) to continue growing its U.S. manufacturing footprint, strengthening U.S. economic security, supply chain resiliency, and national defense,” senior executive Steven Grasso said in a statement. Grasso was quoted as saying this.
In August, the Department of Commerce of the United States of America said that more than 460 firms had indicated interest in gaining government semiconductor subsidy financing. This increased the nation’s competitiveness compared to China’s scientific and technological endeavors.
GlobalFoundries is a manufacturer of wireless connection chips situated in Malta, New York. These chips may be found in mobile phones, WiFi routers, and radio towers. Customers served by the company include well-known names in the American aerospace and defense industries, such as Lockheed Martin (LMT.N).
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