- GlobalFoundries Inc (NASDAQ:GFS) filed for its U.S. initial public offering aiming for a Nasdaq listing. Mubadala, a United Arab Emirates state investment fund, owns the foundry wholly.
- GlobalFoundries is yet to disclose the amount of money it plans to raise or how much Mubadala will control after the IPO.
- GlobalFoundries operates five manufacturing sites: Dresden, Germany; Singapore; Malta, New York; Burlington, Vermont; and East Fishkill, New York.
- GlobalFoundries manufactures chips for use in contactless payments, battery power management touch display drivers.
- Qualcomm Inc (NASDAQ:QCOM), Broadcom Inc (NASDAQ:AVGO), Samsung Electronics Co Ltd (OTC:SSNLF), and Advanced Micro Devices Inc (NASDAQ:AMD) are among its largest customers.
- The pandemic triggered remote work, study, and home entertainment, led to higher demand for electronic gadgets, laptops, monitors, and game consoles, fueling a chip crisis.
- GlobalFoundries’ revenue climbed by 13% year-on-year to just over $3 billion in the first half of 2021. It reported a gross margin of close to 11%. The net loss narrowed to $(301) million.
- Price Action: QCOM shares closed lower by 1.58% at $126.68 on Monday.
JP Morgan Maintains Neutral on CarMax, Lowers Price Target to $60
JP Morgan analyst Rajat Gupta maintains CarMax (NYSE:KMX) with a Neutral and lowers the price target from $70 to $60.
