GlobalFoundries plans two New York chip plants backed by up to $21 billion from Japan's government

Bloomberg reports that GlobalFoundries plans to build two chip plants at its upstate New York site, backed by up to $21 billion from Japan's government. Under the announced agreement, the US and Japan will jointly own the factories, which GlobalFoundries will operate. The deal also includes a 4% US stake in the company, and the factory funding will come from Japan's $550 billion pledge to invest in the US.