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US penalizes GlobalFoundries for shipping chips to Chinese firm

11/01/2024

Less than a minute

2024.11.01 14:06

© Reuters. FILE PHOTO: A screen displays the company logo for semiconductor and chipmaker GlobalFoundries Inc. during the company's IPO at the Nasdaq MarketSite in Times Square in New York City, U.S., October 28, 2021. REUTERS/Brendan McDermid/File Photo

(Reuters) – The United States has imposed a $500,000 mitigated penalty against GlobalFoundries (NASDAQ:) for shipping chips to a Chinese company without seeking authorization, the Department of Commerce said on Friday.

In a statement, it said GlobalFoundries had sent 74 shipments worth $17.1 million to a firm on the Bureau of Industry and Security’s entity list. Exports to firms on the list require a license, which GlobalFoundries did not apply for, the department said.

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11/01/2024

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