🟢 GFS is trading 10.2% up today after launching new quantum business with $375M government backing

GFS is trading 10.2% up today at $77.98 after the company announced a major new strategic initiative, and on the back of a broader semiconductor sector rally.

• GlobalFoundries announced the launch of Quantum Technology Solutions, a new business unit focused on manufacturing quantum computing hardware.
• The company has secured a letter of intent from the U.S. Department of Commerce for $375 million in funding to support the initiative.
• The stock is also benefiting from a sector-wide surge after Nvidia reported blowout earnings and a strong forecast on May 20th.