GlobalFoundries Stock Rises 6% After TSMC Manufacturing Agreement

India, Oct. 8 -- GlobalFoundries Inc. (GFS) is up 5.58 percent, gaining $2.68 to $50.75 on Thursday. The move comes after the semiconductor manufacturer announced a manufacturing agreement with TSMC to establish a U.S.-based supply of silicon interposers for TSMC's CoWoS advanced packaging ecosystem.

GlobalFoundries is currently trading at $50.75, up from the previous close of $48.07 after opening at $49.01 on the Nasdaq. The stock has traded between $48.60 and $51.45 during the session, with trading volume at 4.81 million shares versus average volume of 3.95 million.

Under the agreement, GlobalFoundries will expand manufacturing capacity at its Malta, New York facility, creating the first U.S.-based source of silicon interposers supporti...