By ET Bureau - June 11, 2021 1 Mins Read
GlobalFoundries, the semiconductor manufacturer has recently sued IBM asking the court to rule that it did not violate its contract with the tech giant. As mentioned in the suit, “Other than threatening to sue unless it capitulated to its demands, IBM has yet to provide any substantive explanation as to its claims.”
In this matter, IBM claims it is owed about $2.5 billion in damages. Reportedly, it accused GlobalFoundries that is owned by Abu Dhabi’s state-owned fund Mubadala as it failed to continue making chips for it.
Global Foundries purchased IBM semiconductor plants in 2014 when IBM decided to exit manufacturing chips. However, advanced chip making technology was stopped during 2018 due to increased development cost.
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