In addition to the grants, under the U.S. CHIPS and Science Act, the firm will receive up to US$1.6 billion in loans for projects worth US$12.5 billion, including a new fabrication facility, the expansion of one focused on automotive components and the renovation of a third. (The Logic)

Talking point: Malta, N.Y.-headquartered GlobalFoundries is in company form what the CHIPS Act is in policy form—a hedge against the concentration of semiconductor manufacturing in Taiwan and China. The federally funded plants will produce widely used components, as well as ones for chip-crunched carmakers like GM. Abu Dhabi sovereign wealth fund Mubadala formed GlobalFoundries in 2009, combining former AMD and IBM plants in the U.S., Germany and Singapore. The firm makes chips for sector giants like Samsung and Qualcomm, and hardware scale-ups like Toronto’s Xanadu and Ottawa’s Ranovus. The Canadian and U.S. governments are pursuing a cross-border semiconductor corridor, into which GlobalFoundries’ New York facilities fall.