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Why GlobalFoundries Stock Skyrocketed This Week
Key Points
GlobalFoundries is building a new business unit to focus on quantum computing technologies.
The company is on track to receive a $375 million investment from the U.S. Department of Commerce.
GlobalFoundries (NASDAQ: GFS) stock rocketed higher in this week's trading. The semiconductor company's share price gained 20.6% across the period. Meanwhile, the S&P 500 index's level increased 0.9%, and the Nasdaq Composite's level was up 0.5%.
GlobalFoundries stock saw big gains this week in conjunction with the announcement of new quantum computing initiatives and the announcement of major new support for the quantum industry from the U.S. government. The company's stock is now up 145% in 2026.
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GlobalFoundries soars on big quantum news
On May 21, GlobalFoundries published a press release announcing the launch of Quantum Technology Solutions -- a new business unit within the company focusing on manufacturing tech for the quantum computing industry. Along with the announcement, the company revealed that it had secured a letter of intent for a $375 million investment from the U.S. Department of Commerce. The partnership will see the Department of Commerce investing directly in GlobalFoundries, and the company will use the investment capital to bolster its manufacturing capabilities for quantum tech.
What's next for GlobalFoundries?
GlobalFoundries is gearing up to increase its ability to manufacture full-stack quantum computing solutions. The company is making moves to ensure that it can produce quantum processor units, cryogenic read-out and control integrated circuits, and packaging and superconducting solutions.
In response to the Quantum Technology Solutions announcement and Department of Commerce Investment news, TD Cowen named Global Foundries one of the three biggest winners of the U.S. government's latest quantum investing push -- alongside Rigetti Computing and D-Wave Quantum. With GlobalFoundries receiving a major vote of confidence from the U.S. government, the company is emerging as a top pick-and-shovel play in the quantum space.
Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends GlobalFoundries. The Motley Fool has a disclosure policy.