Why GlobalFoundries Rallied 11.4% This Week
Shares of U.S. specialty chip manufacturer GlobalFoundries (NASDAQ: GFS) rallied 11.4% this week, according to data from S&P Global Market Intelligence.
The U.S. foundry, which produces chips on specialty lagging-edge nodes, had an earnings report that encouraged analysts. In addition, Vice President JD Vance made a speech touting domestic U.S. chip manufacturing, which lit a fire under GlobalFoundries and other U.S.-based chipmakers.
In the fourth quarter, GlobalFoundries saw a 1% revenue decline to $1.83 billion, with adjusted (non-IFRS) earnings per share declining 28% year over year to $0.46. Both figures came in ahead of analyst expectations.
Source Fool.com
