Aug 27 (Reuters) - GlobalFoundries ( GFS ) said on

Wednesday its CHIPS Act funding is "well intact" and the

framework does not involve any type of equity, days after the

U.S. government took a 10% equity stake in chipmaker Intel ( INTC ).

Speaking at the Deutsche Bank Technology Conference, the

company's finance chief, John Hollister, said the company is

receiving government funding under the act according to its

milestone completion.

The government's move to take a 10% stake in Intel ( INTC )

last week sparked questions about the outlook for corporate

America after U.S. President Donald Trump said he plans to do

other similar deals.

The stake - along with an unprecedented deal with Nvidia ( NVDA )

and AMD to give the government 15% of revenue

from their China sales of some advanced chips - is a clear

signal of the Trump administration's growing involvement in

corporate affairs.

Intel's ( INTC ) deal was structured in a way that converted

government grants under the CHIPS Act into equity in the

company. The Act was signed into law by former President Joe

Biden in 2022 to boost semiconductor manufacturing and

production in the country and counter China's growing influence.

Trump had previously sought to change some of the Act's

conditions, saying it did not align with his executive orders.

Each award recipient has distinct terms and milestones in their

agreements.

GlobalFoundries' ( GFS ) CHIPS Act framework includes expanding

capacity across fabrication plants.

Earlier this year, the company increased its investment

plans to $16 billion and allocated an additional $1 billion to

capital spending and $3 billion to research in several emerging

chip technologies.

CFO Hollister said on Wednesday the investment will cover

more than a decade of spending.