GlobalFoundries Says AI Data Center Business Is Still in the 'Early Innings'

GlobalFoundries Inc. (NASDAQ: GFS ) stock declined Wednesday after the contract chipmaker reported better-than-expected fiscal second-quarter 2026 results, but a third-quarter outlook largely in line with Wall Street expectations failed to impress investors. The company reported revenue of $1.79 billion, up 6% from a year earlier and above the analyst consensus estimate of $1.77 billion. Adjusted earnings were 46 cents per share, exceeding the analyst consensus estimate of 44 cents. GlobalFoundries Segment Performance Revenue from smart mobile devices declined 6% year over year to $644 million. Communications infrastructure and data center revenue surged 62% to $277 million, while home and industrial IoT revenue increased 10% to $331 million. Automotive revenue fell 10% to $333 million, while technology services revenue rose 21% to $201 million. The company shipped 625,000 300mm wafer...