- Contract chipmaker GlobalFoundries forecast fourth-quarter profit above analysts' estimates on Tuesday, providing the latest sign that a supply glut in the semiconductor industry was easing.
The forecast feeds into recent signals that the slump in the industry may have bottomed out as customers such as electronics makers rebuild inventory after several quarters of clearing excess stock caused by a sudden post-pandemic demand drop. "Although the global economic and geopolitical landscape remains uncertain, we are collaborating closely with our customers to support their efforts to reduce inventory levels," CEO Thomas Caulfield said in a statement.