Looks like Mubadala is beginning its exit from the sinking ship. Selling $1B of its shares to be funded by GF's balance sheet.
https://finance.yahoo.com/news/mubadala-offers-sell-950-million-214328938.html
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for the HR team to invest so much time down voting this post, it must be all true.
https://www.timesunion.com/business/article/globalfoundries-caulfield-says-industry-poised-19714909.php
GlobalFoundries CEO says industry has seen 'bottom' of market demand
Even the investors can see GF's strategy is failing. Staying at 12nm and older won't work long term. They brought in their used car salesperson TC, he sold analysts on GF becoming great (which it never did), he cashed in many millions in stock along with other execs. Now the investment company wants their payday!! They had the chance to sell for a market cap equivalent value of $30B to Intel right before they IPO. With 600 million shares and stock price right around $50/share that is a market cap of aprox $30B if they unloaded everything. Of course, they don't own everything only like 80% or so thus that would be a market cap closer to $25B. They wanted $100/share for $60M market cap but they will never get that. Right now, Intel's offer of $30B looks pretty good. Best thing for GF is if they could get purchased by Intel's foundry business, that would provide a longer-term future, currently the company is sinking and dying a slow death.
It was expected as no one wants to by GF anymore. Smart move to see shares before it crashes to zero.
Looks like everyone's cashing in on this chip bo-m, including SNPS, Cadence, pretty much everyone except GarbageCultery.
The GF from its inception was a cult of corruption and mediocrity. Don’t expect too much from GF. It's a sad story of how petro dollars and incompetent management ki-led the manufacturing arm of AMD and IBM.
Oh my. So the US grants 1.6 Billion in Chips grants, and then GF owners urn around and cash out 1 billion in stock. This is why GF will never be a great company. Too funny.