GlobalFoundries Fined for Unauthorized Chip Exports to China

The United States has fined GlobalFoundries $500,000 for exporting chips to a Chinese firm without proper authorization. Seventy-four shipments worth $17.1 million went to a company on the Bureau of Industry and Security's entity list, requiring a license that was not obtained.

The United States has levied a $500,000 penalty against GlobalFoundries for exporting chips to a Chinese company without authorization, as announced by the Department of Commerce on Friday.

GlobalFoundries reportedly made 74 shipments valued at $17.1 million to a firm listed on the Bureau of Industry and Security's entity list, which mandates an export license.

The Department stated that GlobalFoundries failed to apply for the necessary license before making the shipments, resulting in the fine.

(With inputs from agencies.)