00:00It's Benzinga bringing Wall Street to Main Street.
00:02Global Foundries plans to build two semiconductor plants in New York using up to $20 billion
00:08in Japanese investment, while the U.S. government plans to take a 4% stake in the company, according
00:13to the Wall Street Journal.
00:15Japan will initially invest about $10 billion in the first facility, with another $10 billion
00:20planned for the second.
00:21Both plants will be located in Malta, New York, with construction on the first expected
00:25to begin later this year.
00:26The first plant is expected to begin operations in 2029.
00:30Global Foundries also agreed with the Commerce Department to reallocate $955 million in CHIPS
00:36Act funding toward advanced semiconductor technologies.
00:39Shares rose 4.8% following the announcement and are up 41% year-to-date.
00:43For all things money, visit Benzinga.com.
