GlobalFoundries expects upbeat quarter on demand for auto, data center chips
Contract chipmaker GlobalFoundries forecast fourth-quarter profit and revenue above Wall Street estimates on Wednesday, driven by strong demand from its clients in the automotive and data center markets.
Shares of the Malta, New York-based GlobalFoundries rose around 6% in premarket trading, after also topping expectations for third-quarter profit.
The company has seen higher demand for its made-to-order chips, as automakers focus on electric vehicles and advanced driver-assistance systems and as tech companies look to upgrade data center capacity to run their artificial intelligence models.
