Semiconductor maker GlobalFoundries, recently fined $500,000 for sanctions violations involving China, has been awarded up to $1.5 billion in funding under the US government's CHIPS and Science Act.

The Biden administration has finalized up to $1.5B in direct funding for GlobalFoundries (NASDAQ:GFS) as part of the CHIPS and Science Act. The award follows the previously signed preliminary memorandum of terms announced in February 2024,

The previously leaked decision to award GlobalFoundries $1.5 billion in subsidies to manufacture chips in the US is now official. The company has announced an agreement