GlobalFoundries expects strong quarterly revenue on chips demand from data centers

GlobalFoundries forecast first-quarter revenue above Wall Street expectations on Wednesday, bolstered by strong demand for its chips, and announced a $500 million share buyback program, sending its shares up over 7% in premarket ‌trading.

GlobalFoundries has ⁠been ⁠increasingly shifting to cater to the high-growth artificial ​intelligence infrastructure sector, making specialized chips that allow data ​centers to transfer data between each other at high speeds.