TSM - Why GlobalFoundries Stock Soared 7% on Wednesday
2024-07-17 14:11:54 ET
Semiconductor stocks are having a rough time of things Wednesday, with shares of giants such as Taiwan Semiconductor Manufacturing (NYSE: TSM) falling more than 7% on worries of additional U.S. government interference with the chip market.
One semiconductor stock in particular, however, is having a much better day: GlobalFoundries (NASDAQ: GFS) , the contract semiconductor manufacturer that Intel tried ( and failed ) to buy a few years ago, is up 7% through 12:50 p.m. ET.
What explains investors' differing treatment of these stocks? The story goes like this: Interviewed by Bloomberg yesterday regarding U.S. security guarantees for Taiwan, once-and-maybe-future President Trump said Taiwan "doesn't give us anything," and complained about the country's dominance in contract chip manufacturing . He said, "We should have never let that happen."
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Why GlobalFoundries Stock Soared 7% on Wednesday