GlobalFoundries announced that they will be building a new chip-making facility called “Fab 8”, in upstate New York. They will be investing $1bn to build their second factory that will help enhance the chip output and also help with the global chip shortage. Over 1,000 jobs will be added and they expect the investment to yield a boost in output by 150,000 wafers per year. The semiconductor producing company is looking to go public via an IPO.