35 Chip Stocks Powering AI Boom

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30. GlobalFoundries Inc. (NASDAQ:GFS)

Number of Hedge Fund Holders: 21  

GlobalFoundries Inc. (NASDAQ:GFS) provides a range of mainstream wafer fabrication services and technologies worldwide. The stock has rallied in the past few months due to AI opportunities, CHIPS Act funding, and inventory stabilization. Some of the prominent growth drivers for the business include Automotive and AI markets, where the firm has benefited from design wins and partnerships, especially in RF technology for smartphones and data centers. The firm specializes in mature nodes and niche markets like IoT, 5G, and defense, ensuring stable margins and positive free cash flow.

GlobalFoundries Inc. (NASDAQ:GFS) is one of the top AI picks in the finance world. Evercore ISI analyst Mark Lipacis has an Outperform rating on the stock with a price target of $71. In a recent investor note, the analyst noted that GlobalFoundries posted Q2 revenues and Q3 revenue outlook above Street estimates and reiterated expectations for quarter-over-quarter growth through 2024 helped by meaningful year-over-year growth in Auto and gradual recovery in most other markets.

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