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GlobalFoundries Q3 Outlook Disappoints Amid Weak Smartphone Demand

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GlobalFoundries, the world’s third-largest contract chipmaker, projected third-quarter revenue and profit below Wall Street expectations as the recovery in consumer electronics demand, particularly smartphones, remains sluggish. Shares fell 6% in premarket trading, adding to a roughly 15% decline this year.

U.S. tariffs and broader economic uncertainty have dampened smartphone sales, with IDC data showing global growth slowing to just 1% in the June quarter. CEO Tim Breen, who took over in February, said the company is awaiting a “return to meaningful growth” in consumer-driven markets.

For Q3, GlobalFoundries expects net revenue of $1.68 billion (±$25 million), versus analysts’ estimates of $1.79 billion. Adjusted EPS is forecast at $0.38 (±$0.05), below the $0.41 consensus.

Despite the weak outlook, the company beat expectations in Q2 thanks to cost controls and strength in automotive and datacenter segments. Revenue for the quarter rose 3.7% to $1.69 billion, slightly above forecasts, while adjusted EPS reached $0.42 against the $0.35 estimate.

GlobalFoundries is expanding in automotive with a chipmaking deal with Continental and the July acquisition of chip architecture supplier MIPS to strengthen industrial and AI processor offerings. In June, it raised its total investment plans to $16 billion, including $1 billion more for capital spending and $3 billion for R&D in emerging chip technologies for EVs and AI servers.

Nvidia Becomes First Public Company to Reach $4 Trillion Market Value Amid AI Boom

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Nvidia achieved a historic milestone on Wednesday by becoming the first public company ever to reach a market capitalization of $4 trillion. The leading chipmaker’s shares rose 1.63% to $162.61, touching an all-time high of $164 during the day. The surge reflects strong investor confidence fueled by booming demand for artificial intelligence (AI) technologies, where Nvidia plays a critical role.

Industry experts weighed in on Nvidia’s dominance and the challenges ahead:

  • Michael Ashley Schulman, CIO at Running Point Capital, highlighted potential competition risks from tech giants like Amazon, Microsoft, and Meta designing their own chips. He also noted quantum computing could become a future disruptor, possibly within 5 to 7 years.

  • Dan Morgan, Senior Portfolio Manager at Synovus Trust, pointed out that AI capital expenditure by top hyperscalers (Amazon, Microsoft, Meta, Alphabet) is expected to jump to over $330 billion in 2025, up from $240 billion in 2024. Morgan flagged investor concerns about a possible slowdown in Nvidia sales as customers transition to new Blackwell chips.

  • Gil Luria, Analyst at D.A. Davidson, said Nvidia will remain a key AI hardware provider despite likely losing some market dominance. He noted the company’s valuation is high but supported by strong investment visibility.

  • Chuck Carlson, CEO of Horizon Investment Services, described Nvidia as the “golden child” of AI investment, emphasizing its leadership and growth in accelerated computing and generative AI.

  • Art Hogan, Chief Market Strategist at B Riley Wealth, praised Nvidia’s transformation from a gaming chipmaker to a crypto mining and now AI powerhouse, calling its recent growth “amazing.”

  • Robert Pavlik, Senior Portfolio Manager at Dakota Wealth, called Nvidia the backbone of AI infrastructure and predicted further stock upside as companies increasingly focus investments on AI.

Nvidia’s market cap milestone underscores its central role in powering AI advancements and signals investor appetite for exposure to this transformative technology sector.

Samsung to Acquire U.S. Healthcare Platform Xealth to Boost Mobile Health Business

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Samsung Electronics announced on Tuesday it has signed an agreement to acquire Xealth, a U.S.-based digital healthcare platform, aiming to expand its mobile healthcare services. The financial terms of the deal were not disclosed.

Samsung said the acquisition is intended to create synergy by combining its advanced wearable technology with Xealth’s platform, which manages digital health programs and connects care providers—including over 500 U.S. hospitals—with patients through data integration.

This move aligns with Samsung’s broader strategy to diversify beyond its traditional semiconductor and smartphone operations. The company is increasingly investing in growth areas such as medical technology, consumer audio, climate control systems, and robotics.

Earlier this year, Samsung agreed to acquire Germany’s FlaktGroup for €1.5 billion ($1.68 billion), targeting the booming demand for data center cooling, driven by AI projects. At a March shareholder meeting, Chairman Jay Y. Lee emphasized Samsung’s focus on “meaningful” acquisitions to drive growth, especially after falling behind rivals in the AI chip market led by Nvidia.

Notably, on the same day as the Xealth announcement, Samsung forecasted a sharp 56% decline in its second-quarter operating profit, mainly due to weak AI chip sales—raising investor concerns about the company’s semiconductor business recovery.