GlobalFoundries To Invest $16 Bln To Boost AI-Related Capabilities

(RTTNews) - GlobalFoundries Inc. (GFS), Wednesday announced its plans to invest $16 billion to advance its semiconductor manufacturing and advanced packaging capabilities across its facilities in New York and Vermont.

To expand growth in artificial intelligence, the company is collaborating with major companies, such as Apple, SpaceX, AMD, Qualcomm Technologies, Inc., NXP and GM.

The announcement is a part of the company's existing U.S. expansion plans, which includes more than $13 billion to expand and modernize its New York and Vermont facilities and funding for its recently launched New York Advanced Packaging and Photonics Center.

In the pre-market hours, GFS is trading at $37.01, up 0.37 percent on the Nasdaq.