10:59 AM EDT, 07/01/2024 (MT Newswires) -- GlobalFoundries ( GFS ) acquired Tagore Technology's power gallium nitride intellectual property portfolio for an undisclosed price.

This technology enhances power density, improving efficiency and performance in automotive, internet-of-things and AI datacenter applications, GlobalFoundries ( GFS ) said Monday in a statement.

A team of engineers from Tagore will join GlobalFoundries ( GFS ) as a part of the transaction.

Shares of GlobalFoundries ( GFS ) fell 1.8% in recent trading Monday.

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