Mentioned:
One of America’s biggest semiconductor manufacturing companies has a new ambition: quantum computers.
What’s happening:
- GlobalFoundries (NASDAQ: GFS) has launched a new business known as Quantum Technology Solutions to manufacture quantum computing hardware in the United States
Why it matters:
- The United States Department of Commerce has signed a letter of intent with GlobalFoundries to award $375M USD in funding to Quantum Technology Solutions in exchange for a 1% equity stake in GlobalFoundries
Going deeper:
- GlobalFoundries is one of the biggest semiconductor manufacturing companies in America and produces hardware for companies such as QUALCOMM (NASDAQ: QCOM), NXP Semiconductors (NASDAQ: NXP), Marvell Technology (NASDAQ: MRVL) and Nvidia (NASDAQ: NVDA)
- GlobalFoundries has publicly stated that Quantum Technology Solutions will produce quantum processing units, photonic integrated circuits and advanced packaging and superconducting interconnects for quantum computers
The intrigue:
- GlobalFoundries has existing partnerships with multiple quantum computing companies globally including Quantum Motion, PsiQuantum and Xanadu Quantum Technologies (NASDAQ: XNDU)
