GlobalFoundries

📢 𝗝𝗨𝗦𝗧 𝗜𝗡: Navitas Targets September Shipments of U.S.-Made Gen 5 GaNFast Chips With GlobalFoundries - $Navitas Semiconductor(NVTS.US) $GlobalFoundries(GFS.US)

👉 𝗞𝗲𝘆 𝗛𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀:

➤ 𝗡𝗮𝘃𝗶𝘁𝗮𝘀 targets first 𝗚𝗲𝗻 𝟱 𝗚𝗮𝗡𝗙𝗮𝘀𝘁 wafer shipments in September.

➤ Production uses 𝗚𝗹𝗼𝗯𝗮𝗹𝗙𝗼𝘂𝗻𝗱𝗿𝗶𝗲𝘀' 𝟮𝟬𝟬𝗺𝗺 Vermont GaN-on-silicon facility.

➤ Initial portfolio includes 𝟲𝟱𝟬-𝘃𝗼𝗹𝘁 GaN power FETs.

➤ Products span 𝗥𝗗𝗦(𝗢𝗡) values from 𝟭𝟭𝗺Ω to 𝟭𝟱𝟬𝗺Ω.

➤ Internal samples are scheduled for 𝗢𝗰𝘁𝗼𝗯𝗲𝗿.

➤ Strategic customer samples are targeted before 𝟮𝟬𝟮𝟲 year-end.

➤ Gen 5 targets 𝗔𝗜 infrastructure and high-performance computing applications.

➤ Technology also targets industrial electrification and 𝗻𝗮𝘁𝗶𝗼𝗻𝗮𝗹 𝘀𝗲𝗰𝘂𝗿𝗶𝘁𝘆 applications.

➤ Navitas reports over 𝟯𝟬𝟬 issued and pending GaN/SiC patents.

👉 𝗪𝗵𝘆 𝗧𝗵𝗶𝘀 𝗠𝗮𝘁𝘁𝗲𝗿𝘀:

➤ Establishes a 𝗨.𝗦.-𝗱𝗼𝗺𝗲𝘀𝘁𝗶𝗰 manufacturing source for Navitas' advanced GaN technology.

➤ Could strengthen domestic supply resilience for critical 𝗔𝗜 power infrastructure.

➤ 𝗚𝗮𝗡 power chips can enable efficient power conversion in compute systems.

➤ September shipments mark a key step toward broader 𝗚𝗲𝗻 𝟱 commercialization.

👉 𝗘𝘅𝗽𝗲𝗿𝘁 𝗦𝘁𝗮𝘁𝗲𝗺𝗲𝗻𝘁𝘀:

𝗖𝗵𝗿𝗶𝘀 𝗔𝗹𝗹𝗲𝘅𝗮𝗻𝗱𝗿𝗲, President and CEO of Navitas:

"Together with GlobalFoundries, we have established a trusted US-domestic manufacturing source for our GaNFast Gen 5 and future generations, which will play a critical role in powering AI infrastructure and high-performance computing while strengthening the resilience of the U.S. semiconductor ecosystem"

𝗞𝗮𝗻𝗻𝗮𝗻 𝗦𝗼𝘂𝗻𝗱𝗮𝗿𝗮𝗽𝗮𝗻𝗱𝗶𝗮𝗻, Senior Vice President of GlobalFoundries' Power Business:

"demonstrates how GF and Navitas are turning advanced GaN innovation into a secure, scalable domestic supply."

📢 𝗝𝗨𝗦𝗧 𝗜𝗡: $GlobalFoundries(GFS.US) GlobalFoundries Selects Redpanda for Real-Time AI Data Platform

👉 𝗞𝗲𝘆 𝗛𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀:

➤ 𝗚𝗹𝗼𝗯𝗮𝗹𝗙𝗼𝘂𝗻𝗱𝗿𝗶𝗲𝘀 selects 𝗥𝗲𝗱𝗽𝗮𝗻𝗱𝗮 to accelerate digital transformation.

➤ Companies are building a unified 𝗿𝗲𝗮𝗹-𝘁𝗶𝗺𝗲 𝗱𝗮𝘁𝗮 platform across global operations.

➤ Platform connects manufacturing, engineering, and business systems.

➤ 𝗥𝗲𝗱𝗽𝗮𝗻𝗱𝗮 replaces GF's legacy 𝗰𝗵𝗮𝗻𝗴𝗲-𝗱𝗮𝘁𝗮-𝗰𝗮𝗽𝘁𝘂𝗿𝗲 infrastructure.

➤ Tier-0 mission-critical systems are already 𝗹𝗶𝘃𝗲 𝗶𝗻 𝗽𝗿𝗼𝗱𝘂𝗰𝘁𝗶𝗼𝗻.

➤ GF will use 𝗥𝗲𝗱𝗽𝗮𝗻𝗱𝗮'𝘀 𝗔𝗴𝗲𝗻𝘁𝗶𝗰 𝗗𝗮𝘁𝗮 𝗣𝗹𝗮𝗻𝗲 to deploy AI agents.

➤ AI agents will support automation across 𝗜𝗧, procurement, and business operations.

➤ Collaboration aims to improve operational visibility, scalability, and decision-making.

➤ Platform supports real-time streaming of manufacturing and scientific data.

👉 𝗪𝗵𝘆 𝗧𝗵𝗶𝘀 𝗠𝗮𝘁𝘁𝗲𝗿𝘀:

➤ Strengthens 𝗚𝗹𝗼𝗯𝗮𝗹𝗙𝗼𝘂𝗻𝗱𝗿𝗶𝗲𝘀' AI-ready semiconductor manufacturing infrastructure.

➤ Demonstrates growing adoption of real-time data platforms for industrial AI.

➤ Expands Redpanda's presence in mission-critical enterprise AI deployments.

➤ Highlights increasing demand for AI agents in manufacturing operations.

👉 𝗘𝘅𝗽𝗲𝗿𝘁 𝗦𝘁𝗮𝘁𝗲𝗺𝗲𝗻𝘁𝘀:

𝗩𝗶𝘀𝗵𝗮𝗹 𝗠𝗲𝗵𝗿𝗮, SVP, Chief Information Officer at GlobalFoundries:

"Semiconductor manufacturing depends on trusted, real-time access to operational data and, at GF, we are continually investing in the digital capabilities needed to support increasingly complex manufacturing operations. Working with Redpanda, we are building a modern, scalable data infrastructure that improves operational visibility and accelerates decision-making at global scale. This collaboration helps position GF for the next phase of digital manufacturing as we continue to expand real-time, data-driven capabilities across our manufacturing network."

𝗔𝗹𝗲𝘅 𝗚𝗮𝗹𝗹𝗲𝗴𝗼, Founder and CEO of Redpanda:

"GlobalFoundries is transforming itself for a world built on streaming data, AI, and agents. That means building the same governance, confidentiality, and access controls semiconductor manufacturing has always required, just designed for a world where agents, not only people, are using that data in real time. With Redpanda, the same data platform that streams their fabs' data today now powers the agents their teams build every day."

For $SIVE, Q2 earnings from $GlobalFoundries(GFS.US) yesterday is strong third-party confirmation of Sivers' 2027-2028 photonics ramp.

Reminder: In June, Sivers signed a collaboration with Global Foundries that puts their lasers into GF's SiPh reference designs and CPO platform.

Read-throughs from $GlobalFoundries(GFS.US) earnings transcript:

1. $GlobalFoundries(GFS.US) silicon photonics revenue to "more than double in 2026". NPO ramp in 2027 / CPO ramp in 2028.

- Important external validation of $SIVE's entire photonics thesis.

2. $GlobalFoundries(GFS.US) 2027 NPO / 2028 CPO cadence lines up with Sivers' own guidance.

- "Production ready status in 2027".

- Multiple ramps in 2027.

- Sivers estimated CPO SAM of $1.0-1.4B by 2028.

- So GF is effectively narrating the demand curve into which Sivers has positioned their Glasgow ops + Win Semi capacity.

3. $GlobalFoundries(GFS.US) CID grew 20% sequentially and 62% YoY which is the fastest quarterly growth since 2022. Growth guidance raised to 50-60% YoY.

- Direct demand validation for the platform Sivers plugged into, from their collaboration in June. Growing demand.

- GF's acceleration is the leading indicator Sivers earnings in 2027+ with funnel filling upstream before Sivers seeing the units.

4. $GlobalFoundries(GFS.US) CEO: "We now expect our silicon photonics revenue to more than double in 2026 compared with the year prior"

- Clean revenue funnel logic if GF SiPho more than doubles and Sivers is the partnered external laser route into GF reference designs.

- Sivers has guided its own laser qualification to "production ready status in 2027" so Sivers captures this as design-in/NRE in 2026 and unit revenue in 2027+, not coincident with GF's 2026 doubling.

5. $GlobalFoundries(GFS.US) secured 7 new optical networking design wins with customers from transceiver suppliers and hyperscaler players.

- All are a potential downstream pull for external laser content.

- Sivers has been building this coverage independently: $Jabil(JBL.US) 1.6T LRO, $POET Tech(POET.US) ELS, O-Net/Enablence ELS, and legacy Ayar Labs.

- Looks like Sivers' Q1'26 disclosure of an opportunity pipeline up 77% YTD to $799M is the mirror image datapoint to GF's design win momentum.

6. $GlobalFoundries(GFS.US) have "more than 40 customers today in SiPho" with customers telling GF "I don't have enough secured."

- This just corroborates Sivers' narrative of an InP laser chokepoint and supports their pre-emptive capacity build via WIN Semi.

- If GF customers are scrambling, the matching external laser capacity is just as scarce = pricing power for Sivers.

7. $GlobalFoundries(GFS.US) could "10x photonics capacity"

- GF ramping PIC output 10x at existing fabs implies a proportional pull on external light sources.

- For Sivers, they need to scale InP output in lockstep or lose allocation to $Lumentum(LITE.US) / $Coherent Corp.(COHR.US).

- Sivers' answer is the WIN outsourcing + Glasgow expansion (historically framed as targeting >1,000 wafers/week).

- Interested to see if Sivers report capex/capacity commitments scaled to GF's 10x narrative.

Just as a list of the main read-throughs you can draw from Global Foundries' comments to Sivers.

US Gov to take 1% stake in $GlobalFoundries(GFS.US), and award them $300m for the US CHIPS ACT.

This is actually a strong read through on $SIVE / $Lumentum(LITE.US), given this CHIPS ACT is specifically aimed at advancing CPO + Silicon Photonics.

(For reference, Sivers and Lumentum were the only two public laser suppliers named in GFS presentation slides. Sivers laser arrays was named recently as a reference design in Globalfoundries SCALE for CPO).

Per US Gov announcement: "GlobalFoundries will receive up to $300 million to accelerate domestic CPO R&D by two to three years" (NIST)

Never thought we'd see the US Gov / $Intel(INTC.US) foundry playbook for CPO in specific...

📢 𝗝𝗨𝗦𝗧 𝗜𝗡: $GlobalFoundries(GFS.US) GlobalFoundries Signs LOI for $𝟯𝟬𝟬 𝗠𝗶𝗹𝗹𝗶𝗼𝗻 CHIPS R&D Award to Advance AI Photonics - $AMD(AMD.US) $NVIDIA(NVDA.US) $Microsoft(MSFT.US) $Meta Platforms(META.US) $Broadcom(AVGO.US)

👉 𝗞𝗲𝘆 𝗛𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀:

➤ 𝗚𝗹𝗼𝗯𝗮𝗹𝗙𝗼𝘂𝗻𝗱𝗿𝗶𝗲𝘀 signs LOI for a $𝟯𝟬𝟬 𝗺𝗶𝗹𝗹𝗶𝗼𝗻 CHIPS R&D award.

➤ Funding will accelerate next-generation 𝘀𝗶𝗹𝗶𝗰𝗼𝗻 𝗽𝗵𝗼𝘁𝗼𝗻𝗶𝗰𝘀 development for AI infrastructure.

➤ R&D focuses on 𝗼𝗽𝘁𝗶𝗰𝗮𝗹 𝗺𝗮𝘁𝗲𝗿𝗶𝗮𝗹𝘀, wafer technologies, and advanced packaging.

➤ Program supports 𝗻𝗲𝗮𝗿-𝗽𝗮𝗰𝗸𝗮𝗴𝗲𝗱 and 𝗰𝗼-𝗽𝗮𝗰𝗸𝗮𝗴𝗲𝗱 optics deployment.

➤ Commerce Department will receive approximately 𝟭% equity ownership in GlobalFoundries.

➤ Initiative builds on GF's 𝗦𝗖𝗔𝗟𝗘™ silicon photonics platform.

➤ Platform targets 𝟰𝟬𝟬𝗚𝗯/𝘀 performance and 𝟱𝘅 greater energy efficiency.

➤ R&D and manufacturing will leverage GF facilities in 𝗡𝗲𝘄 𝗬𝗼𝗿𝗸 and 𝗩𝗲𝗿𝗺𝗼𝗻𝘁.

➤ Industry leaders including 𝗔𝗠𝗗, 𝗡𝗩𝗜𝗗𝗜𝗔, 𝗠𝗶𝗰𝗿𝗼𝘀𝗼𝗳𝘁, 𝗠𝗲𝘁𝗮, and 𝗕𝗿𝗼𝗮𝗱𝗰𝗼𝗺 backed the initiative.

👉 𝗪𝗵𝘆 𝗧𝗵𝗶𝘀 𝗠𝗮𝘁𝘁𝗲𝗿𝘀:

➤ Strengthens U.S. leadership in AI chips, optical networking, and semiconductor manufacturing.

➤ Silicon photonics is becoming essential to scaling next-generation AI data centers.

➤ Faster optical interconnects reduce power consumption and eliminate data movement bottlenecks.

➤ Reinforces domestic AI supply chains through government and industry collaboration.

👉 𝗘𝘅𝗽𝗲𝗿𝘁 𝗦𝘁𝗮𝘁𝗲𝗺𝗲𝗻𝘁𝘀:

𝗛𝗼𝘄𝗮𝗿𝗱 𝗟𝘂𝘁𝗻𝗶𝗰𝗸, U.S. Secretary of Commerce:

“With today’s compute supply chain investments, the Trump Administration is accelerating America’s innovation engine. These strategic investments will enhance our country’s domestic capabilities, create high-paying jobs and keep America at the forefront of the semiconductor industry.”

𝗕𝗶𝗹𝗹 𝗙𝗿𝗮𝘂𝗲𝗻𝗵𝗼𝗳𝗲𝗿, Executive Director for Semiconductor Innovation and Investment, U.S. Department of Commerce:

“The CHIPS R&D incentives will support a breakthrough in compute and communication networks moving past traditional copper bottlenecking to power next-generation AI. Accelerating R&D for domestic photonics capabilities and advanced packaging provides American industry the extreme bandwidth and energy efficiency to scale complex AI workloads securely and rapidly.”

𝗧𝗶𝗺 𝗕𝗿𝗲𝗲𝗻, CEO of GlobalFoundries:

“Silicon photonics is essential to AI infrastructure. For a decade, the industry talked about the shift from copper to optical as something that was coming — today it is here, moving data at higher bandwidth and improved power efficiency as workloads grow more complex. GlobalFoundries has spent more than a decade building the technology, footprint and ecosystem to lead this transition, and we have the proven manufacturing foundation to scale it — in the United States — accelerating technology leadership for generations to come. We are proud to deepen our partnership with the U.S. Government, and the CHIPS R&D Office in particular, to accelerate our programs.”

𝗚𝗿𝗲𝗴𝗴 𝗕𝗮𝗿𝘁𝗹𝗲𝘁𝘁, Chief Technology Officer of GlobalFoundries:

“As we accelerate development of next-generation optical materials and co-packaged optics, GF is building on our already qualified portfolio of photonic devices, proven 3D hybrid bonding and advanced packaging expertise, combined with our manufacturing scale to bring near-packaged and co-packaged optics to high volume — putting our customers on a direct, U.S.-based path to scaling optical connectivity for tomorrow’s AI systems.”

𝗝𝗲𝗻𝘀𝗲𝗻 𝗛𝘂𝗮𝗻𝗴, Founder and CEO of NVIDIA:

“Rebuilding our supply chains is critical to the new industrial revolution. Scaling US manufacturing requires advances across chips, networking, optics, software, and manufacturing. Silicon photonics is essential to that future, and GlobalFoundries brings the manufacturing expertise to help make it real in the United States."

Morgan Stanley note on CPO today. Key participants include:

- $SIVE, $Coherent Corp.(COHR.US), and $Lumentum(LITE.US) in laser supply

- Broadcom and Nvidia in switch platforms

- Lightmatter, Ayar Labs, Marvell/Celestial, and POET in optical engines and photonics,

- $Taiwan Semiconductor(TSM.US), $GlobalFoundries(GFS.US), and $Tower Semicon(TSEM.US) in silicon photonics foundry capacity

I’ve covered all of these before, like Tower Semi.

But I’m especially happy that Morgan Stanley validated my research that $SIVE is one of the critical global players in CPO.

A small $1.5B laser company next to your two leading $60B+ companies…

If you also synthesize Rosenblatt Securities recent note that China laser suppliers were quite far from having CPO lasers.

This kinda magnifies importance of the three Western leaders of that laser chokepoint.

Morgan Stanley on CPO:

What are the Transmission Approaches As Industry Eventually Hits "Copper Wall"?

"Co-packaged optics (CPO) is emerging as a critical architectural shift for AI datacenter networking, driven by the rising power, bandwidth, and density constraints of traditional pluggable optical modules"

"Reduced interconnect power is the most tangible near-term benefit, with CPO potentially lowering optical interconnect power consumption by roughly 50-80%"

"Key participants include Broadcom and NVIDIA in switch platforms, Lightmatter, Ayar Labs, Marvell/Celestial AI, and POET in optical engines and photonics, TSMC, GlobalFoundries, and Tower in silicon photonics foundry capacity, and Lumentum, Coherent, and Sivers in laser supply."

📢 𝐉𝐔𝐒𝐓 𝐈𝐍: SEALSQ, GlobalFoundries Partner on Post-Quantum Security and Quantum Chips - $GlobalFoundries(GFS.US) $SEALSQ(LAES.US)

👉 𝐊𝐞𝐲 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬:

➤ 𝐒𝐄𝐀𝐋𝐒𝐐 and 𝐆𝐥𝐨𝐛𝐚𝐥𝐅𝐨𝐮𝐧𝐝𝐫𝐢𝐞𝐬 signed a strategic 𝐌𝐨𝐔 to co-develop secure semiconductor technologies.

➤ Partnership focuses on 𝐏𝐨𝐬𝐭-𝐐𝐮𝐚𝐧𝐭𝐮𝐦 𝐂𝐫𝐲𝐩𝐭𝐨𝐠𝐫𝐚𝐩𝐡𝐲, secure chiplets, and quantum computing.

➤ Companies will co-develop 𝐩𝐫𝐞-𝐜𝐞𝐫𝐭𝐢𝐟𝐢𝐞𝐝 PQC security IP and Chiplet Hardware Security Modules.

➤ Collaboration includes 𝐂𝐫𝐲𝐨𝐂𝐌𝐎𝐒 ASIC development for future quantum computing systems.

➤ Initiative leverages GF's 𝐔.𝐒. manufacturing capabilities and SEALSQ's secure semiconductor expertise.

➤ Partnership supports 𝐔.𝐒. and 𝐄𝐮𝐫𝐨𝐩𝐞𝐚𝐧 sovereign and trusted semiconductor supply chains.

➤ Collaboration builds on GF's 𝐐𝐮𝐚𝐧𝐭𝐮𝐦 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐲 𝐒𝐨𝐥𝐮𝐭𝐢𝐨𝐧𝐬 business and SEALSQ's quantum investments.

👉 𝐖𝐡𝐲 𝐈𝐭 𝐌𝐚𝐭𝐭𝐞𝐫𝐬:

➤ Positions both companies for growing demand in 𝐪𝐮𝐚𝐧𝐭𝐮𝐦-𝐬𝐚𝐟𝐞 cybersecurity.

➤ Expands secure semiconductor offerings for 𝐀𝐈, defense, and critical infrastructure.

➤ Supports development of scalable 𝐪𝐮𝐚𝐧𝐭𝐮𝐦 𝐜𝐨𝐦𝐩𝐮𝐭𝐢𝐧𝐠 ecosystems.

👉 𝐄𝐱𝐩𝐞𝐫𝐭 𝐒𝐭𝐚𝐭𝐞𝐦𝐞𝐧𝐭:

➤ "A shared long-term vision between GF and SEALSQ is that semiconductors, cybersecurity, Post-Quantum Cryptography, and quantum computing are converging into a single technology ecosystem. GlobalFoundries is one of the world's leading semiconductor manufacturers, and its growing commitment to security and quantum technologies perfectly complements SEALSQ's expertise in secure semiconductors, PQC, and our investments across the quantum ecosystem. This partnership is a natural fit and a powerful validation of our shared vision. Together, we have the opportunity to help shape the secure and scalable technology platforms that will power the quantum era." — 𝐂𝐚𝐫𝐥𝐨𝐬 𝐌𝐨𝐫𝐞𝐢𝐫𝐚, CEO of SEALSQ.

➤ "This partnership is about building the foundation for the quantum era: trusted digital infrastructure secured by Post-Quantum Cryptography and the semiconductor technologies that will enable future quantum computing systems. SEALSQ's secure-semiconductor and Post-Quantum Cryptography expertise complements GF's differentiated technology portfolio and expanding quantum capabilities. Together, we are uniquely positioned to give customers and partners the technologies needed to secure and enable the quantum future." — 𝐍𝐢𝐜𝐡𝐨𝐥𝐚𝐬 𝐒𝐞𝐫𝐠𝐞𝐚𝐧𝐭, Vice President of Quantum Technology Solutions at GlobalFoundries.

$SIVE is raising ~$61M (600M SEK) to expand manufacturing capacity for InP lasers and optical amplifiers.

Sivers operates as a fab-lite model so this is likely hinting at foundry allocation/scaling for CW DFB laser ramp across Jabil, and their other partners.

It could also point to broader foundry allocation/scaling beyond the already announced WIN partnership.

My feedback is that it's very bullish if it's comprised of long-only institutions and there's no heavy discount (30 day VWAP). Otherwise, would need to reaccess if there's arb or short term investors.

This is the perfect time to get ideal strategic investors like $GlobalFoundries(GFS.US) on the cap table. As well as focusing on having more US institutional support.

Especially considering $56M is a small check to a single US institution that want photonics exposure (eg. look at Poet's $400M registered direct offering for sentiment).

A lot of it is "it depends when more info comes out", but this looks like a very positive signal for mass production given Siver's fab-lite models.