Argus
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Aug 06, 2025
GlobalFoundries Inc.: Caution on inventory pre-buying creates attractive opportunity
Summary
GlobalFoundries is one of the world’s largest pure-play semiconductor foundries and offers a full range of mainstream wafer fabrication services and technologies. The company manufactures a broad range of semiconductor devices, including microprocessors, mobile application processors, baseband processors, network processors, radio frequency modems, microcontrollers and power management units. The company was established in 2009 due to the strategic shift by Advanced Micro Devices, Inc. (AMD) which decided to become a fabless company and spin off their semiconductor manufacturing business. GFS completed its initial public offering listed on Nasdaq in November 2021.
The company currently operate manufacturing sites in the following locations: Malta, New York; Burlington, Vermont; Dresden, Germany; and Singapore. Given that most foundry production is concentrated in China and Taiwan, the company believes its global manufacturing footprint is a key differentiator that makes them the ideal partner for local and regional government stakeholders at a time when many regions, in particular the United States and Europe, have passed legislation contemplating significant funding to secure and grow their respective domestic semiconductor manufacturing capabilities.
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Analyst Profile
James Kelleher, CFA
Director of Research & Senior Analyst Technology
Jim has worked in the financial services industry for over 25 years and joined Argus in 1993. He is director of research at Argus and a member of the Investment Policy Committee. Jim has been instrumental in building Argus’ proprietary valuation models, which are a key part of the proprietary Argus Six-Point Rating System. He also oversees Argus’ technical analysis products; writes the Portfolio Selector report and other publications; and manages several Argus model portfolios. As a Senior Analyst, Jim covers Communications Equipment, Semiconductors, Information Processing and Electronic Manufacturing Services companies. he is a CFA charter-holder, and is a three-time winner in The Wall Street Journal’s “Best on the Street” All-Star Analyst Survey. In July 2010, McGraw-Hill Professional published Jim’s book, “Equity Valuation for Analysts & Investors.” The book, a single-volume treatment of financial modeling and valuation process, introduces the Argus proprietary valuation methodology known as Peer Derived Value.
