GlobalFoundries Inc. (GFS) shares surged 12.53 percent to $79.66, up $8.87 on Thursday, after the semiconductor manufacturer launched Quantum Technology Solutions to expand manufacturing capabilities for utility-scale quantum computing.
The stock is currently trading at $79.66, compared with a previous close of $70.79 on the Nasdaq. It opened at $78.00 and traded between $75.11 and $80.48 during the session, with volume reaching 3.72 million shares, near the average daily volume of 4.10 million shares.
The new business will focus on producing quantum processor units, cryogenic control chips, advanced packaging, and superconducting interconnect technologies designed for next-generation quantum systems.
U.S. Department of Commerce and GlobalFoundries also entered into a letter of intent that could provide $375 million to accelerate the buildout of the company's quantum manufacturing platform.
GlobalFoundries shares have traded between $31.51 and $80.48 over the past 52 weeks.
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