GlobalFoundries (GFS) news that moved the stock

What happened

GlobalFoundries announced on Oct 8, 2026 that it has signed a $2 billion, five-year manufacturing agreement with TSMC to produce silicon interposers at its Malta, New York facility. A silicon interposer is the thin, high-speed connector substrate that sits beneath processors and memory chips inside advanced AI packages (notably TSMC's CoWoS ecosystem), letting them communicate at high speeds. GF will expand capacity at Malta to make interposers tailored for TSMC's CoWoS packaging — including embedded deep trench capacitor components — and expects to become the first U.S.-based source of silicon interposers for advanced packaging. Volume production is expected to begin ramping in the first half of 2028, and the agreement provides a framework for future capacity expansion. GFS shares jumped ~6% Thursday morning to about $51, bucking a broader market selloff, while TSMC reported record Q3 revenue of $46.71B (+50% y/y) the same day.

What happened

BNP Paribas Exane analyst Karl Ackerman published a broad semiconductor note raising Nvidia's (NVDA) price target to $345 from $285 while maintaining a positive rating, implying about 45% upside from Monday's record close. He kept Nvidia as the firm's preferred semiconductor stock, arguing its portfolio of AI hardware, CUDA software and networking is 'unmatched' and becomes more important as workloads shift toward agentic AI, with gross margins expected above 70% despite custom-chip competition. In the same note Ackerman raised AMD's price target by 60% to $960, calling AMD 'increasingly a leading provider of AI infrastructure' and a credible second source to Nvidia. On the negative side he downgraded GlobalFoundries (GFS) to neutral from positive and cut its target to $51 from $80. Separately, Stifel kept its buy rating on AMD and raised its target to $700 from $635. Nvidia closed Monday up 2.1% at a record; AMD slipped 0.3% to $631.75; GFS fell 3.2% to $48.56.