10:14 AM EDT, 06/04/2025 (MT Newswires) -- (Updates with details on new spending, share price movement starting in the first paragraph.)

GlobalFoundries ( GFS ) shares were up more than 1% Wednesday morning after the chipmaker said it will invest an additional $3 billion to expand its semiconductor manufacturing and advanced packaging capabilities at facilities in New York and Vermont.

The company previously allocated around $13 billion to expand and modernize its New York and Vermont chipmaking plants and to build the New York Advanced Packaging and Photonics Center near Albany in New York. Together with its prior investments, GlobalFoundaries is investing around $16 billion, it said.

GlobalFoundaries also operates a wafer fabrication facility in Saratoga County, New York, along with chipmaking locations in Burlington, Vermont, acquired in 2015 from IBM ( IBM ) . It also has production facilities in Germany and Singapore, according to the company's most recent annual report.

Price: 37.48, Change: +0.61, Percent Change: +1.65