U.S. Firm GlobalFoundries Invests $4 Billion in Singapore Chip Plant
- The U.S.-based firm says it will begin production in 2023
- TSMC’s smaller rival expands in Asia as chip crunch persists
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GlobalFoundries Inc. will build a $4 billion chipmaking plant in Singapore slated to start in 2023, choosing Asia for the site of its latest expansion despite Biden administration calls to bring home semiconductor manufacturing.
The U.S.-based company joins rivals from Taiwan Semiconductor Manufacturing Co. to Samsung Electronics Co. that are expanding capacity to help address a persistent shortfall of chips for everything from cars to smartphones. GlobalFoundries -- which is prepping a U.S. initial public offering that could value the chipmaker at $30 billion -- said it’s focusing on Singapore but will also devote $1 billion apiece to building out its Dresden, Germany and U.S. sites.