🔴 GFS is trading 9.8% down today after majority owner Mubadala sells $1.91 billion stake

Shares of GlobalFoundries (GFS) are trading at $81.16, down 9.8%, after its majority shareholder, Abu Dhabi's sovereign wealth fund Mubadala Investment Co., sold a significant portion of its stake.

• Mubadala raised $1.91 billion by selling 22 million shares in a block trade on Tuesday, May 26.
• The sale was priced at a discount to the previous day's closing price, putting pressure on the stock.
• This sale follows a nearly 35% AI-driven rally in GFS shares over the past five sessions, and the news has overshadowed the recent positive momentum.