- GlobalFoundries Inc (NASDAQ:GFS) and STMicroelectronics N.V. (NYSE:STM) are amid discussions to build a semiconductor factory in France with the help of government funds, Bloomberg reports.
- The European Commission looks to produce 20% of the world’s chips by 2030.
- The European Union executive arm proposed the 43 billion euro ($45.3 billion) Chips Act earlier to allow governments to subsidize the production of chips.
- STMicroelectronics aspired to contribute to the increase of the European semiconductor volume production and the supply chain independence across European industries.
- In April, GlobalFoundries and STMicroelectronics, with Soitec and the CEA research hub, collaborated to develop the next generation of FD-SOI technology.
- Franco-Italian STMicroelectronics originated in Grenoble’s CEA-Leti, a region with its French plants.
- Abu Dhabi-owned GlobalFoundries has a large manufacturing site in Dresden, Germany.
- Intel Corp (NASDAQ:INTC) and Taiwan Semiconductor Manufacturing Company Ltd (NYSE:TSM) have shared their ambitious chip endeavors for Europe.
- Countries have resorted to aggressive steps to reduce chip production dependence, especially following the severe chip crisis fueled by the pandemic.
- Price Action: GFS shares traded lower by 3% at $50.20 in the premarket on the last check Monday. STM shares traded lower by 4.57% at $34.65.
- Photo via Company
