GlobalFoundaries rises on $16 billion investment boost

Chip manufacturer GlobalFoundries GFS.O shares rise 3.1% to $38.64 in premarket trading

GFS plans to increase its investment plans to $16 billion, allocating an additional $1 billion to capital spending and $3 billion to research in several emerging chip technologies

The company is collaborating with the Trump administration to move chip manufacturing technology and components to the U.S.

GFS will allocate $3 billion in research and development across chip packaging technologies, silicon photonics for quantum computing processors, and gallium nitride for electric vehicles and power applications

Up to last close, stock had fallen 14.1% YTD