Globalfoundries bets on chip 'onshoring' demand ahead of IPO

TAIPEI -- Top U.S. contract chipmaker Globalfoundries is betting the trend for semiconductor "onshoring" will help it win over clients and investors as the loss-making company prepares for an initial public offering in New York.

Major economies, including the U.S. and Japan, are pushing to build up their domestic semiconductor supply chains while also demanding global chipmakers resolve the unprecedented chip shortage that has forced automakers around the world to cut production.