Thread regarding GlobalFoundries layoffs

@6rny+1kSYf8qx

HaHa - used car salesmen! I call them snake oil salesmen

Yes @6met, TC has been very quiet lately on the Chips Bill for sure. Schumer chucked TC aside, Micron is his new favorite since they are actually going to build a new fab with the money near Syracuse and not just try and get the money, build no new fabs and then continue to outsource all their resources. We don't hear much from TC these days, maybe he was put in time-out by TB (advisor to CEO, basically Mubadala's spy and boss of TC). Certainly, TC was very active in press in past now just nothing, guessing he knows everyone in US govt understands the scamming he and DR do, they will need to find a new scam to give GF publicity moving forward. It seems at the moment TC and DR are busy cashing in their stock options and RSUs, busy counting the proceeds from those perks!!! The next GlobalCast should be very interesting, it is like a used car dealership trying to sell the same junk car over and over, how many ways can you make a piece of junk sound like a great car, if it can be done TC/DR are the scammers for the job!!

@5jpp+1kSYf8qx

Remember when TC was all over the news clamoring for some of portion of chips act. Going to White House etc? Who-ing himself out for a piece of it. Bending over and spreading his bu-t cheeks for media and politicians. Well that didn’t go very well. Where has his best bud Schumer been? Why hasn’t he been on mad money again? He looks like an id--t now. Thanks TC for making the case and helping Intel and others to get that money to build their new fabs!

Intel is doing great 😎

@5hgh+1kSYf8qx/DirtyDan

Agreed.

Also GFs track record of missteps and failures will impact obtaining CHIPs act funds. These who decide; will give the money to companies who can actually generate ROI or provide the most beneficial impact with said money instead of throwing it away and wasting it on GF. There are teams reviewing exactly that - how can this money be best used and allocated and GF is definitely towards bottom of their list. Look at all the fabs that have recently started actually being built. CHIPs money is already being put to work. But where is our 8.2 fab? Delayed Again….

I think a major factor is the disbursement of funds. NIST has been assigned the role of determining and ultimately choosing which companies, colleges and agencies receive Grants/Loans from the Chips Act. NIST will undoubtedly prioritize Research and Development. Companies that are actively developing next generation technology nodes will be at the front of the line. Intel and Micron are better positioned to secure funding than Gf

Due to GFs association with Mubadala - Globalfoundries will not get any money from CHIPs act

Recent GF behavior/shenanigans has not helped the situation

Great post.

@5lvn+1kSYf8qx
GF has 2 relatively small fabs in the US making old tech.

Wait until Intel and Micron stick out there giant hands and send in their high dollar lobbyist for chips act money.. Again, GF will get crumbs. CEO and the rest of SLT will siphon any chips act money into stock options while not making any meaningful investing into US operations.

So if Gf needs to show headcount growth over the next 3 to 5 year to get chips act money they will be able to do so due so easily now to all the recent layoffs.

To parter with someone else (license technology) could be a play to create new jobs in the future with future federal dollars.?

THINK about that.

It hasn't been decided yet which companies and how much from the US Chips Bill will be given out so everyone can still hold their hands out and hope for some funding. However, GF does not deserve funding unless they can show a US employee headcount ramp/increase over the next 3-5 years, any funding they get should have strong headcount growth in the US associated with it. The headcount over the last 5 years has shrunk in the US and with the salary targets they are trying to hit the US headcount will continue to shrink over the next 1, 2, 3+ years ....... If headcount doesn't grow in the US then GF should get $0 from the US Chips Bill, plain and simple!!

It is official gf isn’t getting money from chips act?

@2pil+1kSYf8qx

GF was really banking on getting a piece of the chips act. Especially for Fab 8.2… whatever happened to that?Remember when TC was all over the place basically begging for some of it and bending over and spreading his cheeks for people in DC? - well turns out GF will not see a red cent of it. Politicians are savvy to what GF is doing with funds and US tax payer money is just ending up in Mubadala pockets. It’s becoming more and more obvious that GF is as another post put it, “ financial scam.” Politicians and government officials are aware of it and now general public is starting to see it too

Best post so far. Thanks for the person who took time to be factual, actual, transparent and unbiased. Liked the facts to invoke insights that are so clear. While I highly appreciate the post, analytical capabilities and future conclusions from the post, I am not seeing any hope for GF to survive. Again, wonderful unbiased, and correct post on this forum that all of us need to assimilate while we are making future career decisions. I am fully convinced that GF has lost survival opportunities and now heading for bankruptcy ( sorry if you do not like the word). I am planning to leave on April 7. All the best guys.

The company is only 20% publicly owned. Mubadala still owns the other 80% privately.. The focus seems to be on reducing cash burn in the interim … financial engineering. Licensing or partnerships likely key with reduced engineering development capability.

Ever hear of the plants “proven winners”. Well gf/mubadala need some proven winners and partners to grow!

Licensing new technologies, being acquired, and/or obtaining funds from Uncle Sam thru the chips act might be the only way to grow and recover going forward.

Heard they are discontinuing the 50% discount at the cafe…

At layoff meeting was told qpb is Feb 20 (whatever is the Friday that week)

QPB probably pays out mid to late February sometime, I think. Not sure about AIP.

I just accepted an employment offer just waiting for background check and start date. Pretty sure we get the severance pay and cobra cash the first payday after March 17th. Not sure when the QPB gets paid out as we no longer have access to GF email or updates. Going to be great Spring with plenty of cash for the laid off!

@vmy

Let's stick to the topic of this specific post which I wrote, I am not a regular here. Find something untrue or wrong in the original post here and feedback on the facts. I'm waiting for anyone to prove anything untrue or wrong in my original post here. You can't find anything wrong because it is 100% facts!!!

@fqv+1kSYf8qx

Cool story brah.

I got another job just 4 weeks after being laid off. Im actually still on full pay from Global until mid March, then I get 4 month severance check deposited along with $7k lump dump for cobra health benefits. I’m just here to say thank you to GlobalFoundries for the nearly $65k they are giving me. I was actually already applying and interviewing when they let me go. Glad to be out of there. Still enjoy the posts here though. So I’ll stick around, laugh and shake my head at all of it.

@bnd

Are you f-ing blind? Are you new to this forum? Look at any random thread on this site and you'll see the same guy repeatedly whining about every conceivable thing at GF.

@ddl

Which part is untrue in these posts? And whining exactly?

@dha

Thank you for your honest response. You bring up some valid points in which I'm in agreement with. What sets you apart from steady stream of whiners is, you actually did something. Instead of continually complaining about the company and spreading innuendo, you took action and are moving on. Best of luck to you.

@vda

Let's see the attrition data in 2Q 2023 after AIP is received, this data will tell a big story. If the attrition is very high even in a tight job market like now, then this tells us how many people are unhappy at GF and will take action. Of course, GF HR will never let the attrition data out. There are many people who feel trapped, their kids are in school, so they don't want to relocate and depending on the location there aren't many jobs in the semiconductor area locally. However, if one is mobile there are lots of jobs still. As just one person I've already got my next job lined up starting 4/3/23. Each person will have to make their own decision if they want to continue to ride a sinking ship or not!! However, under the current leadership and strategy GF is a sinking ship unless the leadership and strategy changes, yearly layoffs to meet gross margins will be a yearly event!!

@dzn

Why I'm checking this board is irrelevant. Can you answer my question or not?

@vda+1kSYf8qx

Why are you checking this board?

@OP+1kSYf8qx

Excellent post. I was just thinking about basically all of this and how it is kind of time to stop being polite about it. What I mean is almost everyone is at least aware of the things you said but for some reason is scared to admit it or say it out loud in fear of being rude or something.

Globalfoundries is in a bad place and positioned to be in a bad place but for years they spin it as great potential. Enough is enough when is that potential actually manifesting into something of worth?