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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
