GlobalFoundries Stock Surges as Income Nearly Doubles Expectations

Key TakeawaysShares of semiconductor manufacturer GlobalFoundries surged as markets opened Tuesday on the back of a first-quarter earnings report that included income nearly doubling analyst expectations.However, GlobalFoundries' financial performance fell year-over-year as the semiconductor market has corrected.The company was also one of the beneficiaries of the CHIPS Act, receiving a $1.5 billion grant from the Biden administration earlier this year to expand its operations in New York and Vermont. Share ...