Advanced Micro Devices

GlobalFoundries Inc. Ordinary Shares

Intel Corp

Taiwan Semiconductor Manufacturing Company Ltd.

United Microelectronic Corp.

GlobalFoundries $GFS IPO – Mubadala Lost Over $22.4B, Now They Are Hoping Public Markets Bail Them Out
Low utilization rates, countless divested assets, cut R&D/capex, and still doesn't make $ in the greatest semiconductor boom of all time.
SemiAnalysis believes Mubadala should've rolled the regulatory dice in trying to let Intel acquire the entire firm for a price that prevents them from losing a lot of money. Many investors will puke on this IPO.
$INTC $TSM $UMC $AMD
https://semianalysis.substack.com/p/globalfoundries-gfs-ipo-mubadala

i started covering $AMD when it spun off $GFS.  it was clear then, and still is, that $AMD made the right move.

it took them a few years to extricate themselves from the purchase commitments they made as part of the deal, but it was worth the pain. even when $AMD was trading at ~$2.10, and they were kind of on the ropes in terms of delivering their roadmap, Mubadala was one of their biggest shareholders.

$AMD managed probably one of the most amazing turnarounds in semiconductor history with the hiring of Jim Keller (legendary chip designer) to rebuild the design pipeline, and Lisa Su as CEO to steer the company into a new era.

still, to your point about not making $ in the global semi boom, why $GFS failed to eek out some success is mind-boggling. the need for more semi capacity, more competition (it's really only TSMC), and more foundry players, could not be more apparent today.

delos

Low utilization rates, countless divested assets, cut R&D and capex, and still doesn't make money in the greatest semiconductor boom of all time.Playing up on nationalism while having their largest fab and ongoing investment in Singapore.

https://semianalysis.substack.com/p/globalfoundries-gfs-ipo-mubadala

GlobalFoundries $GFS IPO – Mubadala Lost Over $22.4B, Now They Are Hoping Public Markets Bail Them Out

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