Advanced Micro Devices Stock Lower on Revised Agreement with Globalfoundries
Shares of Advanced Micro Devices were lower Thursday after the company announced a revision to a wafer supply agreement with Globalfoundries.
Shares of Advanced Micro Devices (AMD) - Get Report were lower Thursday after the company announced a revision to a wafer supply agreement with Globalfoundries. The five-year agreement will increase Advanced Micro Devices' flexibility in sourcing foundry services for 14 nanometer and 7 nanometer technology nodes from the chip foundry company. AMD also issued a warrant for common stock to Globalfoundries, which is owned by the Abu Dhabi government's investment arm. For the current quarter, AMD expects to log a one-time $335 million charge from a $100 million payment and the $235 million value of the warrant.
Employees of TheStreet are restricted from trading individual securities.
