GlobalFoundries Plans to Spend $16 Billion to Boost US Chip Production

GlobalFoundries Inc., the biggest US-based provider of made-to-order chips, announced a plan to spend $16 billion to bolster domestic production.

The company is budgeting $13 billion to expand existing plants in New York and Vermont and making a further $3 billion commitment to research into advanced packaging and other technologies in the US, it said in a statement Wednesday.