Here are 1-3 brief analogies for GLOBALFOUNDRIES (GFS):

• Like TSMC, they manufacture semiconductor chips for other companies (such as AMD or Qualcomm) who design the chips but don't own their own factories.

• They are a contract manufacturer specializing in semiconductors, similar to how Flex (formerly Flextronics) builds a wide range of electronics and components for various tech brands.

• Foundry Manufacturing Services: The fabrication of custom-designed integrated circuits (chips) for various global customers.
• Specialty Process Technologies: A portfolio of advanced manufacturing platforms optimized for specific applications like radio frequency (RF) communications, power management, and embedded memory.
• Automotive & Industrial Solutions: Robust and reliable semiconductor process technologies tailored for the stringent requirements of automotive, industrial, and Internet of Things (IoT) markets.

GLOBALFOUNDRIES (symbol: GFS) is a pure-play semiconductor foundry, meaning it manufactures integrated circuits designed by other companies. Therefore, it sells primarily to other companies.

Based on their latest financial filings (10-K), GLOBALFOUNDRIES identifies the following as major customers, each contributing 10% or more of their annual revenue:

• Qualcomm Incorporated (Symbol: QCOM)
• STMicroelectronics N.V. (Symbol: STM)

• ASML Holding N.V. (ASML)
• Applied Materials, Inc. (AMAT)
• Lam Research Corporation (LRCX)
• Shin-Etsu Chemical Co., Ltd. (TYO: 4063)
• Linde plc (LIN)

Tim Breen, Chief Executive Officer

Tim Breen was appointed Chief Executive Officer of GLOBALFOUNDRIES, effective April 28, 2025. He joined GLOBALFOUNDRIES in 2018, and prior to his CEO appointment, he served as Chief Operating Officer (COO) from 2023, overseeing global operations including manufacturing, quality, supply chain, and IT. Before becoming COO, he held various executive roles within the company, focusing on strategy, business transformation, and finance. Before joining GLOBALFOUNDRIES, Mr. Breen was a senior member of the executive team at Mubadala Investment Company, where he managed global investments across various industries and contributed to the creation of several multi-billion-dollar companies. This highlights a pattern of managing companies backed by private equity firms, as Mubadala was GLOBALFOUNDRIES' private owner until its IPO and remains its controlling shareholder. He has also served as Chairman of NOVA Chemicals and was a partner at McKinsey & Company in Abu Dhabi.

Sam Franklin, Interim Chief Financial Officer

Sam Franklin was appointed Interim Chief Financial Officer of GLOBALFOUNDRIES, effective October 27, 2025. He also serves as Senior Vice President of Business Finance, Operations, and Investor Relations, and has been with GLOBALFOUNDRIES since 2022. Mr. Franklin brings over 18 years of experience in corporate finance, investment management, and investment banking. Prior to GLOBALFOUNDRIES, he held senior finance positions with Mubadala Investment Company, MUFG Bank, and Barclays, and was a Senior Vice President at Mubadala Investment Company with financial responsibilities for the Direct Investments group, indicating a pattern of managing companies backed by private equity firms. He is an accredited Fellow Chartered Management Accountant and Corporate Treasurer.

Niels Anderskouv, President and Chief Operating Officer

Niels Anderskouv was appointed President and Chief Operating Officer of GLOBALFOUNDRIES, effective April 28, 2025. He joined the company in 2023 as Chief Business Officer and oversees GLOBALFOUNDRIES' strategy and global operations, including manufacturing and digital transformation teams. His responsibilities include leading the company's product and technology roadmap, business and commercial strategy, marketing, communications, and go-to-market execution. Mr. Anderskouv brings over 25 years of experience in engineering, manufacturing, executive management, and global leadership in the semiconductor industry. Before joining GLOBALFOUNDRIES, he served as Senior Vice President and Executive Officer at Texas Instruments, where he was responsible for the multi-billion-dollar Analog Power business. He has also served as Chairman of the board of directors of KeepIt since 2017.

Saam Azar, Chief Legal Officer

Saam Azar has served as Chief Legal Officer at GLOBALFOUNDRIES since January 2017. In this role, he oversees all legal, compliance, government relations, and environmental, health, safety, and security matters worldwide. Mr. Azar also serves as Secretary to the GLOBALFOUNDRIES board of directors and has been involved with the company since its founding in 2009. Before joining GLOBALFOUNDRIES as Chief Legal Officer, he held various roles at Mubadala Investment Company as a senior member of its Legal & Compliance Unit, focusing on complex, cross-border partnerships. Prior to Mubadala, he worked as a corporate associate at the international law firm of Cleary Gottlieb Steen & Hamilton LLP in New York, where he supported numerous corporate transactions with an emphasis on debt and equity capital markets.

Pradheepa Raman, Chief People Officer

Pradheepa Raman was appointed Chief People Officer of GLOBALFOUNDRIES, effective September 12, 2022. She is responsible for leading all aspects of GLOBALFOUNDRIES' worldwide human resources efforts, including recruitment, talent development, and advancing the company's culture of diversity, equity, and inclusion. Prior to joining GLOBALFOUNDRIES, she served as Global Head of HR and Chief Transformation Officer for the Tools and Storage business unit at Stanley Black & Decker for over four years, where she also held the role of chief talent innovation officer. Before her tenure at Stanley Black & Decker, Ms. Raman was Head of Talent, Diversity, and Employee Engagement at Samsung Electronics America. Her career also includes over eight years in human resources leadership roles at global technology company Avaya, where she began as Global Director – Talent and HR in 2006.

1. Geopolitical Tensions, Tariffs, and Trade Policies: GLOBALFOUNDRIES operates in a globalized industry highly susceptible to international trade disputes and policy shifts. The company faces ongoing risks from tariffs, U.S. export controls, and scrutiny of chip imports, particularly in relation to China. While GLOBALFOUNDRIES has adopted strategies like its "China-for-China" model to mitigate some of these impacts, geopolitical tensions continue to introduce uncertainty and can affect global supply chains and demand.
2. Competitive Landscape and Pricing Pressure: GLOBALFOUNDRIES specializes in manufacturing semiconductors at mature process nodes (12nm and above), a segment that is more commoditized compared to leading-edge technologies dominated by larger foundries like TSMC and Samsung. This exposes GLOBALFOUNDRIES to significant competitive pressures and potential pricing erosion, particularly in markets such as mobile chips and IoT devices. The company's ability to differentiate through specialized technologies and customer relationships is crucial in this highly competitive environment.
3. Cyclicality of the Semiconductor Industry and Inventory Management: The semiconductor industry is inherently cyclical, characterized by periods of high demand followed by downturns. GLOBALFOUNDRIES has experienced challenges related to inventory destocking by customers and reduced order volumes, leading to lower capacity utilization (e.g., running at 70% capacity) and potential declines in revenue and margin contraction. Economic headwinds can exacerbate these effects, impacting customer spending on various end products that incorporate GLOBALFOUNDRIES' chips, such as smart mobile devices and automotive components.

• Aggressive capacity expansion and technological advancement by Chinese foundries (e.g., SMIC, HuaHong Group) in mature and specialty nodes. These companies are heavily subsidized by the Chinese government, leading to intense price competition and potential market share erosion for GLOBALFOUNDRIES, particularly as customers increasingly consider diversified or regionally focused supply chains.
• The emergence of Intel Foundry Services (IFS) as a dedicated, well-resourced pure-play foundry competitor. Intel's strategic push to become a significant external foundry provider, leveraging its vast resources and manufacturing expertise across various technologies, could attract customers who might otherwise use GLOBALFOUNDRIES, intensifying competition for foundry services and talent.

GLOBALFOUNDRIES (GFS) participates in several significant addressable markets for its semiconductor manufacturing products and services. The market sizes for 2025, where available, are detailed below:

Share Repurchases

• In May 2024, GLOBALFOUNDRIES announced and completed a share repurchase of approximately $200 million, buying back shares from a secondary offering by Mubadala Technology Investment Company.
• The company's CFO indicated in 2025 that future capital deployment strategies might include share repurchases, alongside dividends, given anticipated strong free cash flow.

Share Issuance

• GLOBALFOUNDRIES completed its Initial Public Offering (IPO) on November 1, 2021, offering 55,000,000 ordinary shares at $47.00 per share, which generated approximately $2.9 billion in gross proceeds. Of these, 30,250,000 shares were offered by GLOBALFOUNDRIES, and 24,750,000 by its existing shareholder, Mubadala Investment Company PJSC.
• In May 2024, a secondary public offering of $950 million of ordinary shares was launched by Mubadala Technology Investment Company; GLOBALFOUNDRIES did not sell any shares in this offering and received no proceeds from it.

Inbound Investments

• GLOBALFOUNDRIES has secured significant funding through the U.S. CHIPS and Science Act, with up to $1.5 billion in direct funding announced in February and November 2024.
• New York State also committed substantial funding for GLOBALFOUNDRIES' expansion projects, including $550 million in November 2024, and $575 million via the New York State Green CHIPS program in February 2024.
• In June 2025, GLOBALFOUNDRIES announced a $16 billion investment plan to expand U.S. semiconductor manufacturing, supported by collaborations with major technology companies like Apple, SpaceX, AMD, Qualcomm, NXP, and GM.

Capital Expenditures

• Capital expenditures were approximately $3.06 billion in 2022, decreased to about $1.8 billion in 2023, and further to roughly $625 million in 2024.
• For the full year 2025, expected capital expenditures are approximately $700 million, net of government grants.
• The primary focus of these expenditures is to expand semiconductor manufacturing and advanced packaging capabilities in New York and Vermont, including constructing a new 300mm foundry fab and converting a facility for gallium nitride (GaN) chip production, with an additional $3 billion for advanced R&D in packaging, silicon photonics, and next-generation GaN technologies.