Why GlobalFoundries Rallied Today for the Second Day in a Row

Shares of semiconductor foundry GlobalFoundries (NASDAQ: GFS) were up as much as 13.2% today, before settling into a 7.4% gain as of 12:31 p.m. ET. The gain was all the more impressive considering the stock rose over 9% as well last Friday.

Not one but three factors appear to be behind the massive move. First, last week saw better-than-feared earnings reports from several chip-related and broader technology companies, especially on the lagging-edge nodes in which GlobalFoundries specializes.

Second, the U.S. Congress also passed the CHIPS Act last week, with the Senate passing the bill on Wednesday and House of Representatives passing the bill on Thursday.

Source Fool.com