15 Trending AI Stocks on Latest Analyst Ratings and News

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13. GlobalFoundries Inc. (NASDAQ:GFS)

Number of Hedge Fund Holders: 21

GlobalFoundries Inc. (NASDAQ:GFS) is a multinational semiconductor contract manufacturing and design company. It is one of the largest foundries in the world. Being a key semiconductor manufacturing and design player, it provides advanced chips for powering AI technologies and applications.

On Friday, November 1st, Reuters reported that the US has imposed a $500,000 penalty on GlobalFoundries Inc. (NASDAQ:GFS), the world’s third largest contract chipmaker, as it had been shipping chips without authorization to an affiliate of blacklisted Chinese chipmaker SMIC. The Commerce Department said GlobalFoundries Inc. (NASDAQ:GFS) sent 74 shipments without seeking a license worth $17.1 million to SJ Semiconductor, an affiliate of SMIC. In 2020, both SMIC and SJ Semiconductor were added to a trade restriction list known as the entity list owing to SMIC’s alleged ties to the Chinese military-industrial complex. SMIC has denied any wrongdoing. The department said that exports to firms on the list require a license that’s difficult to obtain, and which GlobalFoundries did not apply for.

“We want U.S. companies to be hypervigilant when sending semiconductor materials to Chinese parties”.

-Assistant Secretary for Export Enforcement Matthew Axelrod.

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