GlobalFoundries Slid Over 3% in Premarket Trading After Deciding to Build a French Microchip Plant

Tiger Newspress2022-07-11

GlobalFoundries slid over 3% while STMicroelectronics remained almost flat in premarket trading after deciding to build a French microchip plant.

GlobalFoundries Inc and STMicroelectronics will announce on Monday plans to build a semiconductor factory in France for an investment of nearly 4 billion euros, as part of Europe's efforts to boost its independence in microchips.

This would help support a push from the European Commission to produce 20% of the world's microchips in Europe by 2030.

The investment is expected to be announced during the fifth edition of the President Emmanuel Macron's "Choose France" summit to be held on Monday in Versailles.

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Comments

Ziger1
2022-07-12
Ziger1
why slid since there's shortage of chip?
WEEWIN
2022-07-11
WEEWIN
☹️

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