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GlobalFoundries has secured $1.5 billion in CHIPS Act funding to bolster domestic semiconductor supply chains. Among other things, the company aims to produce "high value technologies not currently available in the US" at a new facility.
President Joe Biden met virtually on Monday with the chief executive of Lockheed Martin and other companies to spur forward a bill to boost semiconductor production in the United States.
Increasingly worried by the extreme foreign dependence of defense industrial supply chains, Congress is teeing up legislation to address semiconductors and critical mineral vulnerabilities.
China is advancing its semiconductor capabilities. The economic, geopolitical and security implications will be profound and far-reaching.
The semiconductor maker expects to create 400 jobs at its existing site in Colorado with the $90 million funding.