Why Globalfoundries Rallied Today
Shares of semiconductor foundry Globalfoundries (NASDAQ: GFS) rallied 12.1% on Wednesday, as of 1:32 p.m. ET.
The company, a leading manufacturer of specialty semiconductors that are often made using less-advanced "trailing edge" nodes, reported its third-quarter results Tuesday evening. While Globalfoundries' overall revenue declined, it was ahead of expectations, and management's guidance was also better than expected, perhaps indicating a bottom in the cycle.
The trailing-edge semiconductor space has been in a bear market for just about the past one to two years, after the pandemic period's shortages of industrial chips turned into a glut.
Source Fool.com
