GlobalFoundries said its growth outlook is shifting toward artificial intelligence and silicon photonics, while management reiterated long-term revenue growth of 10% to 12% annually through 2028 and beyond. In a transcript published Sept. 8, 2026, from the Goldman Sachs Communacopia + Technology Conference 2026, CEO Tim Breen described the chipmaker as operating in a supply-constrained environment, with demand expected to remain strong and the near-term focus on ramping technologies already in production.
The shares closed at $45.09, down 0.27% in the regular session and unchanged after hours. Last-twelve-month revenue was $6.94 billion, gross margin was 27.14%, and EPS was $1.28. Capital spending rose in 2024 from 2023 and is expected to increase again in 2025, against a backdrop of hyperscaler capital spending reaching $800 billion this year.
Breen outlined a continued shift away from mobile. The segment accounted for more than 50% of revenue several years ago, is now in the mid-30s, and is targeted to reach the mid-20s over the long term, with absolute mobile revenue expected to remain roughly flat. Automotive revenue has grown from 2% of total five years ago to about 20% today and is running above $1.5 billion. Communication infrastructure and data center revenue is growing at about 60%, well above the long-term target of 30% or more.
Silicon photonics is a central part of the data-center strategy. GlobalFoundries targets a $1 billion run rate by 2028 and $2 billion by 2030. The company said it works with more than 40 photonics customers and can increase photonics capacity tenfold within its existing 300 mm footprint in the United States and Singapore without building new fabs. Speeds are moving from 100 gig per lane to 200 gig and then to 400-plus gig per lane, while co-packaged optics are expected to enter production in 2027 and 2028. An 800-volt data-center systems transition is expected by mid-to-late 2027, using gallium nitride and 55-nanometer BCD technology.
The company also highlighted its intellectual property business. GlobalFoundries completed six acquisitions over the past two years, including MIPS, RISC-V and Synopsys' ARC processor business, which added 300 customers. IP revenue is expected to be $100 million to $120 million in 2024, with a target of a $1 billion run rate by 2030. Breen said the company is positioned as the second-largest processor IP supplier globally.
Breen said the company is in a 'chasing supply' moment and does not see a demand-based reason for that to change, while noting that supply constraints could alter the outlook. He added that as AI spreads into devices, additional use cases are likely to emerge.
