New York, May 28, 2026, 19:07 EDT
GlobalFoundries (GFS) fell 0.5% to $80.63 in after-hours trading on Nasdaq Thursday. The move came as majority holder Mubadala unloaded a big chunk of shares. Volume reached around 9.6 million, putting the chipmaker’s market cap close to $44.5 billion.
The move landed in after-hours trading, between the 4 p.m. close and the 8 p.m. Nasdaq cutoff. After the bell, there’s less liquidity, so news on a single stock can hit prices harder.
Mubadala said Wednesday it has sold 22 million ordinary shares of GlobalFoundries, using Securities Act Rule 144, which lets affiliates sell restricted stock. The sale drops its stake to 400 million shares, or about 73% of GlobalFoundries, down from 422 million shares, or roughly 77%. “GlobalFoundries remains an important long-term investment,” Camilla Languille, Mubadala’s co-CEO of private equity, said. She said opening up the shareholder base to more institutions would help strengthen the business. EIN Presswire
GlobalFoundries shares dropped 9.8% Wednesday. Bloomberg News reported, via Reuters, that Mubadala was looking to raise $1.91 billion through an unregistered block sale. Block trades, which are big share sales usually set up for large investors, can weigh on a stock even if the business itself hasn’t changed.
The rest of the market was steadier. The iShares Semiconductor ETF added 1.0% Thursday afternoon. Taiwan Semiconductor Manufacturing’s U.S. shares ticked up 0.5%. United Microelectronics advanced 2.0%. Intel, which also has a chip foundry, slipped 0.8%. GFS shares traded as a single-name story, not a sector move.
S&P 500 and Nasdaq finished at record highs Thursday, with U.S. stocks rallying as investors pushed back into risk. Headlines about a ceasefire and companies’ earnings helped drive the move. “Markets continue to look through these risks because the global economy and corporate earnings remain relatively resilient,” Jitania Kandhari, deputy CIO for solutions and multi-assets at Morgan Stanley Investment Management, told Reuters. Reuters
GlobalFoundries’ latest numbers gave bulls some ground to stand on. First-quarter revenue came in at $1.634 billion, with a gross margin of 27.6%. Diluted earnings per share were 18 cents. For the second quarter, GlobalFoundries guided to revenue of $1.76 billion, give or take $25 million, and Non-IFRS diluted EPS of 43 cents, plus or minus 5 cents. The Non-IFRS measure strips out some items like share-based compensation.
GlobalFoundries said its second-quarter revenue outlook is above what Wall Street expected, Reuters reported earlier this month, as demand from data centers helped. CEO Tim Breen said the company had “significant traction” in growth markets where its technology is boosting its market share. Reuters
GlobalFoundries moved to support its share price with new cash returns for investors. At its May 7 investor day, the company rolled out its first-ever quarterly dividend, 12 cents a share. The payout goes to shareholders of record on June 24, with payment on July 14. Management said it would target returning up to 50% of adjusted free cash flow from the past 12 months, after capex, using both dividends and buybacks. CFO Sam Franklin said the plan showed “multiple growth vectors across high-margin businesses.” GlobalFoundries Inc.
Quantum tech is in play, too. GlobalFoundries started a quantum-manufacturing business on May 21 and said the U.S. Department of Commerce had signed a letter of intent for a $375 million award. The department would also take a strategic equity stake equal to roughly 1% ownership. “Quantum hardware is going from lab-scale to industrial scale,” said technology chief Gregg Bartlett. GlobalFoundries Inc.
The risk is still clear. Mubadala holds 73% of the stock, and that’s an overhang if investors think more shares could hit the market. In its annual filing, GlobalFoundries points to trade curbs, tariffs, demand drops, chip cycle swings, heavy reliance on certain customers, and tough foundry rivals as risks. Planned U.S. investment will hinge on market interest, government money, and customer deals, the company said.
