Contract chipmaker GlobalFoundries on Tuesday forecast third-quarter revenue below analysts' estimates as the global semiconductor industry battles a supply glut, sending the company's shares about 3% lower in trading before the bell.

"As part of a recent all-employee meeting, we shared the cost saving actions we are taking across our business in response to the current macroeconomic environment including reducing corporate and manufacturing overhead costs as well as selectively reducing our workforce by less than 800 employees globally before the end of the year," said Julie Moynehan, a spokesperson for GF.

GlobalFoundries and Qualcomm have announced they are more than doubling their existing strategic global long-term semiconductor manufacturing agreement previously entered into by GF's and Qualcomm's respective subsidiaries. Today's announcement secures wafer supply and commitments to support US-based manufacturing through capacity expansion at GF's most advanced semiconductor manufacturing facility in Malta, New York.

When the Senate passed a rare bipartisan measure last summer to spend US$52 billion subsidizing computer chip manufacturing and research in the United States, it seemed like an easy legislative priority for both parties. But one year later, the funding still isn't signed into law.

Chip firm Advanced Micro Devices (AMD)will acquire about $2.1 billion of silicon wafers from GlobalFoundries from 2022 through 2025 in an amended agreement, according to a regulatory filing on Thursday.

GlobalFoundries debuted on the Nasdaq this week, valued at over $25 billion, as it became increasingly evident that a global chip shortage could persist through 2023 or later.

Chipmaker GlobalFoundries and major shareholder Mubadala Investment Co. plan to raise as much as $2.6 billion in a US initial public offering.

GlobalFoundries plans to seek an initial public offering, according to a Monday filing with the Securities and Exchange Commission.

Intel Chief Executive Pat Gelsinger is committed to buying other chip-makers as the industry consolidates, despite a leading acquisition candidate's plan to go public.

GlobalFoundries has filed confidentially with US regulators for an initial public offering (IPO) in New York that could value the chipmaker at around US$25 billion, people familiar with the matter said on Wednesday.

Globalfoundries is sticking with its plan for an initial public offering next year, according to company CEO Tom Caulfield. Reports that Globalfoundries is the subject of a takeover bid by Intel are speculation, he said.

Any talks don't appear to include Globalfoundries executives, as a spokeswoman for the company said it isn't in discussions with Intel.

Globalfoundries is seeking a court ruling dismissing IBM's claim that the chip maker violated a manufacturing agreement with the former owner of its fabs.

Globalfoundries is working with Morgan Stanley on an initial public offering that could value the chipmaker at about US$30 billion, according to a person familiar with the matter.

Raytheon Technologies and Globalfoundries will collaborate to develop and commercialize a new gallium nitride on silicon (GaN-on-Si) semiconductor that will enable game-changing radio frequency performance for 5G and 6G mobile and wireless infrastructure applications.

AMD said late Thursday it plans to buy about $1.6 billion in silicon wafers from Globalfoundries over the next few years.

GF has invested more than $15 billion in its Fab 8 facility over the last decade to support innovation and manufacturing capacity. In 2021, the company is doubling its planned investment to expand global capacity, with $500 million targeted for Malta, NY alone.

Abu Dhabi's Mubadala Investment has started preparations for a US initial public offering of chipmaker Globalfoundries, people with knowledge of the matter said.

Globalfoundries will invest US$1.4 billion this year to raise output at three factories in the US, Singapore and Germany, as a global shortage of semiconductors has boosted demand for chips, its chief executive said.

The worldwide bottleneck in semiconductors that's disrupting production of automakers from Toyota Motor to Volkswagen is turning into a growth opportunity for Globalfoundries.

Globalfoundries and SkyWater Technology have reached a deal to supply semiconductor chips to the U.S. defense industry and work on new technology, the companies said on Thursday, as the industry moves toward more U.S. manufacturing.

Globalfoundries is firming up plans to go public, its chief executive said, in a move that could give the company more financial firepower to take advantage of an expected surge in demand for computing power in phones, cars, and connected devices in homes and offices.

Globalfoundries has taped-out an Arm-based 3D high-density test chip that will enable a new level of system performance and power efficiency for computing applications such as AI/ML and high-end consumer mobile and wireless solutions.

Twenty-nine companies and research bodies will take part in the project, among them Robert Bosch, Infineon, STMicroelectronics, Osram, Carl Zeiss, GlobalFoundries and Murata.

A federal jury in Texas ordered Samsung Electronics to pay $400 million to a South Korean university for infringing one of fundamental patents related to double gate FinFET transistors. The same jury found that Globalfoundries and Qualcomm had infringed the same patent, but the two companies were not ordered to pay damages.

In a bid to provide more tangible advantages to its customers and not to invest in short-lasting nodes, the company is mulling skipping 5nm manufacturing technology like it did with the 10nm fabrication process.

Globalfoundries has announced that its 22nm FD-SOI (22FDX) technology platform has been certified to AEC-Q100 Grade 2 for production. As the industry's most advanced automotive-qualified FD-SOI process technology, GF's 22FDX platform includes a comprehensive set of technology and design enablement capabilities tailored to improve the performance and power efficiency of automotive integrated circuits (ICs) while maintaining adherence to strict automotive safety and quality standards.

The new CEO of Globalfoundries has a charter to improve financial performance of the privately held chipmaker. Thus, Tom Caulfield is seeking partners for the company that is a distant second in a hotly competitive race to make chips.

Global foundries and Toppan Photomasks have announced a multi-year extension to their Advanced Mask Technology Center (AMTC) joint venture in Dresden, Germany.

After more than four years as chief executive officer of Globalfoundries, Sanjay Jha will hand over the company's top position to Thomas Caulfield, senior vice president and general manager.

Globalfoundries has asked Chinese regulators to probe Taiwan Semiconductor Manufacturing Co. for violating antitrust laws, said two industry sources familiar with the matter.

According to industry sources, Samsung Electronics brought in managing director Kye Jong-wook from Globalfoundries last month. He is currently working as the head of the design enablement team of its R&D office, which is a key foundry business unit. Earlier, managing director Song Byeong-moo moved from Intel to Samsung, too.

Engineers in Silicon Valley are flocking to Munich this week, but not necessarily to attend Nvidia's GPU Technology Conference which opened Tuesday. Globalfoundries is hosting a "rival" - or perhaps a follow-up - powwow, called the Globalfoundries Technology Conference (GTC), later this week in the capital of German automotive industry.

Globalfoundries is now delivering in volume its 14nm High Performance (HP) technology that will enable IBM's next-generation of processors for server systems.

Globalfoundries has asked European antitrust regulators to investigate market leader TSMC, accusing the Taiwan-based firm of unfair competition, an industry source said on Monday.

Tesla is getting closer to having its own chip for handling autonomous driving tasks in its cars.

GlobalFoundries, the world's second largest contract chipmaker, aims to double its revenue from Japan over the next few years by launching cheaper chips for newer uses that will help it claw market share from a dominant Taiwanese rival, a senior executive said.