Bulletins

Ford signs chip manufacturing deal with GlobalFoundries

Amid the chip shortage, Ford signed a chip manufacturing deal with GlobalFoundries.

GlobalFoundries executives celebrating its IPO on the Nasdaq floor

Ford signed a deal with GlobalFoundries to help secure more chips amid the shortage.

Photo: GlobalFoundries

Ford struck a deal with recently public contract chip manufacturer GlobalFoundries to secure enough semiconductors for its auto production amid a shortage, it announced Thursday.


The two companies said the deal would help Ford secure more chip supplies for its current products and includes joint research and development projects to address the increased demand for chips in cars thanks to features such as assisted driving and for electric vehicles. Those are two of the most significant contributors to the rise in demand for chips in autos.

"This agreement is just the beginning, and a key part of our plan to vertically integrate key technologies and capabilities that will differentiate Ford far into the future," Ford CEO Jim Farley said.

Neither company disclosed the financial terms of the deal.

The auto industry has been severely damaged by the global shortage for chips, which may cost the industry $210 billion in lost revenue, according to AlixPartners. Thursday's agreement is another sign of how a range of businesses have been upended by the surge in demand for chips. Before the COVID-19 pandemic, an agreement between an automaker and a chip manufacturer would have been quite surprising.

GlobalFoundries had a lackluster debut on Wall Street last month, after its controlling shareholder, Mubadala Investment Company, elected to take the company public. Mubadala is an arm of the Abu Dhabi government, and continues to retain a controlling stake in GlobalFoundries.

Latest Bulletins

Elizabeth Holmes intentionally hid the use of third-party testing devices from Walgreens, its biggest partner, in order to protect "trade secrets," the former Theranos CEO testified in her third day on the stand for her ongoing fraud trial in San Jose.

Keep Reading Show less

Theranos CEO Elizabeth Holmes took the stand in a San Jose courtroom on Friday, beginning her testimony in the criminal fraud case against her.

So far, Holmes' attorneys have stuck to a few themes of her defense, including highlighting Holmes' inexperience as a college dropout and pointing the finger at Sunny Balwani, Theranos' former COO and president. She began her testimony by covering her background and how she came up with the idea of Theranos during college.

Keep Reading Show less

Google is asking the Justice Department to look into whether Jonathan Kanter, the new head of the antitrust division, should work on the lawsuit against the company.

Keep Reading Show less

General Motors is getting into the chip business.

After months of chip shortages have crippled the world's largest automakers' production, costing the industry hundreds of billions of dollars in lost revenue, GM said that it is partnering with seven chip makers to design the silicon necessary to reduce the number needed and improve their quality.

Keep Reading Show less

Citadel CEO Ken Griffin said that he outbid the ConstitutionDAO group of cryptocurrency enthusiasts for a first-edition printing of the Constitution at a Sotheby's auction Thursday, killing the hopes of the ragtag bunch of online donors who had hoped to make a bold statement about the future of the internet.

Keep Reading Show less

Banks need to tell federal officials of large cybersecurity issues such as ransomware attacks within 36 hours under a new requirement approved Thursday.

Keep Reading Show less

The Chamber of Commerce, the most powerful business lobbying group in the U.S., launched a series of attacks on the Federal Trade Commission on Friday and threatened litigation to push back on the progressive agenda of chair Lina Khan.

Keep Reading Show less

Facebook is giving users more control over what they see in News Feed, the company announced Thursday. Over the coming weeks, the company will being allowing some users to tweak their preferences in News Feed to change the amount of content they see from different accounts, pages and groups, as well as the topics that appear in their News Feeds.

Keep Reading Show less

The ConstitutionDAO raised more than $40 million to win a copy of the U.S. Constitution, but ultimately it wasn't enough. The online group, which organized itself using blockchain technology, lost an auction at Sotheby's that ultimately ended with a winning bid of $43.2 million.

"While this wasn't the outcome we hoped for," said Julian Weisser, one of the group's leaders, "we still made history tonight with ConstitutionDAO. This is the largest crowdfund for a physical object that we are aware of — crypto or fiat."

Keep Reading Show less

A federal judge on Wednesday dismissed a lawsuit against Robinhood that had accused the company of colluding with Citadel Securities to limit trading of GameStop and other meme stocks in January.

Keep Reading Show less

A bipartisan coalition of state attorneys general today launched an investigation into Meta. The coalition seeks to determine whether Meta (formerly Facebook) promoted Instagram to children despite knowing the associated mental and physical health risks.

Keep Reading Show less

OpenAI has removed the waitlist for GPT-3, its AI programming interface that can produce text such as emails, articles and code, it announced Thursday.

Keep Reading Show less

Xbox chief Phil Spencer said Microsoft is in the process of reevaluating its relationship with major game publisher Activision Blizzard. His comments come in the wake of a Wall Street Journal report regarding CEO Bobby Kotick's prior knowledge of sexual assault and workplace discrimination, according to a leaked email sent to Microsoft staff and obtained by Bloomberg.

Keep Reading Show less

In an effort to address its customers' requests quickly, Amazon reportedly put millions of them at risk. The company has allowed its workforce to abuse its access to large quantities of customer data, and has missed large outside security risks, a Wired investigation found.

Keep Reading Show less

Apple won't call its employees back to the office until Feb. 1, according to news reports.

Keep Reading Show less

German neobank N26 plans to shut down its U.S. operations, it announced Thursday. The service won't be available to U.S. customers after Jan. 11, 2022.

Keep Reading Show less

On Thursday, China officially launched the new national bureau to supervise anti-monopoly work.

Keep Reading Show less

Before the coronavirus pandemic, nearly one quarter of all Americans said that they find meaning and purpose in their lives because of their work and their jobs. Now, that number has declined by more 9% in a new Pew research study, affirming anecdotal stories about the American population's increasing disinterest in participating in the labor market.

Keep Reading Show less

Midweek is the most popular time for tech workers to go to the office. But that's not the case everywhere.

Keep Reading Show less

PFM Health Sciences partner Brian Grossman invested in Theranos despite red flags raised during diligence, according to evidence presented Wednesday in the ongoing fraud trial of former CEO Elizabeth Holmes.

During the process of vetting the blood-testing company, a colleague asked a contact at Blue Cross Blue Shield of Illinois about Theranos, only to be told its tech didn't work. "They said they evaluated service and came to the conclusion that it does not work. They have no contract with Theranos and they did extensive diligence on the machine and came to this conclusion," a PFM team member said in an email to Grossman.

Keep Reading Show less

Nvidia disclosed late Wednesday that the U.S. Federal Trade Commission has "expressed concerns" over its $40 billion bid to acquire chip designer Arm, according to its chief financial officer.

Keep Reading Show less

Salesforce isn't waiting until its January reopening to get its teams together. The software giant is encouraging managers to gather their teams in person at least once before the end of the year.

Keep Reading Show less

Corporations are sucking up massive amounts of data and passing it around to all sorts of software partners, but setting privacy and security limits for certain types of data hasn't always been top of mind. Amid a flurry of product updates this week, cloud data giant Snowflake has expanded its data governance capabilities and integrations with several firms that provide various services for automating data protections.

Keep Reading Show less

A crowdsourced spreadsheet with a blacklist of bad managers at big Chinese internet platform companies went viral on Chinese social media earlier this week.

Keep Reading Show less

Amazon said it would stop accepting Visa credit cards issues in the U.K. starting Jan. 19, 2022. The company blamed Visa's high credit-card transaction fees for the change.

Keep Reading Show less