U.S. government awards $1.5 billion to chipmaker GlobalFoundries, part of a larger effort to revitalize semiconductor manufacturing in the country. Additional $1.6 billion in federal loans will be available, aiming to triple the company’s production capacity in New York over 10 years. The funding seeks to address America's reliance on foreign chip sources and support the production of critical chips for various industries, including automotive and defense. The move is part of the broader initiative to strengthen American semiconductor manufacturing following global chip shortages.