GlobalFoundries criticizes Berlin subsidies for TSMC, FT reports

GlobalFoundries (GFS) says the subsidies Berlin is prepared to offer TSMC (TSM) for a planned facility in Dresden, Germany, would distort competition, The Financial Times’ Guy Chazan reports. GlobalFoundries’ CEO Thomas Caulfield says the company welcomes competition “on a level playing field,” but tells the FT that “if a subsidy benefits one dominant player disproportionately, there is a real risk of dependence on a single supplier, market foreclosure and less resilient supply chains as a consequence.” A spokesperson for the German government said all state aid was subject to approval by the European Commission, which reviewed it to ensure “it doesn’t distort competition within the EU single market.”