Details of the funding

Malta, New York - New State-of-the-Art 300 mm Fab;
Malta, New York - Capacity Expansion for Automotive; This expansion, combined with the new 300 mm fabrication facility, is expected to triple the existing capacity of the Malta campus over the next 10+ years. These two projects are expected to increase wafer production to 1 million per year once all phases are complete.
Burlington, Vermont - Fab Revitalization:

The proposed projects would create approximately 1,500 manufacturing jobs and approximately 9,000 construction jobs over the next 10 years.

In addition to potential direct funding, the CHIPS Program Office would make approximately $1.6 billion in loans available to GF under the PMT. The total potential public and private investment for the combined projects would be approximately $12.5 billion.

Sounds like pennies if this is over a decade. This is hilarious as usual making a big fuss out of it. The question who is willing to invest 12.5 billion.

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@bhjn+1ra83xqV

Yes this goes beyond our leadership - the politicians need to be held accountable. They are totally going to use this in short term saying they created jobs in ny. But we should wait a minute and call them out when it doesn’t and that they took US tax payer dollars and put in directly into the pockets. When this falls apart in a year or more we need to call them out onto the carpet. The people of the US will not be happy with this move of theirs.

The public has a short memory. In six months no one will even ask where the new fab is, nor hold anyone accountable . TC will say it’s business as usual (or market conditions) and take his cut. Schumer will have replenished his war chest with democratic donations from the SLT. MISSION ACCOMPLISHED.

Fab 8.2 will never happen. 8.1 is not even fully tooled and at full capacity because there isn't demand for 12nm. We are running 45nm products in a fab setup for 12nm, this is not optimal tooling for 45nm, the cost is much higher than what you really need for 45nm. So regardless of power issues or whatever other issues, the fundamental problem is GF has not demand for another fab in Malta, we can't even keep the undersized 8.1 fab full of high margin wafers currently. GF will find some loophole to take the govt's money and run with it, no new jobs outside of Bulgaria or India will be created, no new fab will be created. TC is a scam artist but hopefully one of these scams he and his minions will get caught and have to suffer the consequences.

@3xza+1ra83xqV

Yes this is confusing why our politicians and representatives would give US TAX payer’s money to a foreign owned company.

My only guess is with the justification that it would create jobs in the US, but as we all know behind the orange curtain the US based jobs are quickly being shipped out to Bulgaria or Bangalore…..

Why is know in the press asking this?

GF is not an american company

Mubadala Investment Co. (Investment Company)
469,501,994 85.71 % 25 813 M $
Fidelity Management & Research Co. LLC
34,898,031 6.371 % 1 919 M $

Mubadala Investment Company PJSC, or simply Mubadala, is an Emirati state-owned holding company that acts as one of the sovereign wealth funds of the Emirate of Abu Dhabi.

I am not sure why they are getting any US money.
Then again if the US prints money and spends it, its GDP goes up.
Doesn't matter if they spend it wisely, sigh.

@2hec+1ra83xqV

I think most would argue it’s the extreme level of DEI at GF that has gotten us into these pickles. Many unearned undeserved and unprepared promotions into leadership roles before ready to have such responsibilities. Promotions just for sake of promotions. More deserving candidates leap frogged in order to fulfill some quota. So it’s really the opposite of the the good ole boy trend. But that’s a different discussion for a different thread

@2qan+1ra83xqV

I agree it was a stupid use of US tax payers hard earned money. especially if it gets siphoned to off to United Arab Emirates. If this does come to fruition and US employees are laid off those in charge of giving us these funds should be held accountable. Politicians should be held responsible. Also local reporting needs to step and start asking these questions. It is weird that most are coddling and soft on Globalfoundries leadership in pressers.

As a homeowner in the area, I wish the best for GF as it will translate into more property value to me. I think as long as the company keeps "the good ole boy" management intact, they will continue to chase everybody else in the industry. Best thing to happen to GF would be an Intel takeover.

GF will lay off more people than it hires. This was a seriously bad investment and waste of federal funds. The CEO is a mo--n and his company will crumble.

Consensus revenue estimates fall by 11%
The consensus outlook for revenues in fiscal year 2024 has deteriorated.

2024 revenue forecast decreased from US$7.63b to US$6.79b.
EPS estimate fell from US$2.06 to US$1.04 per share.
Net income forecast to shrink 46% next year vs 12% growth forecast for Semiconductor industry in the US .

Thread regarding GlobalFoundries layoffs

Details of the funding

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