GLOBALFOUNDRIES Inc. (GFS) shares soared 11.40% during intraday trading on Wednesday, driven by the semiconductor manufacturer's fourth-quarter financial results that significantly exceeded analyst expectations and its optimistic first-quarter forecast.

The company reported Q4 revenue of $1.83 billion, surpassing the consensus estimate of $1.80 billion. Adjusted earnings per share came in at $0.55, well above the estimated $0.47. For the first quarter, GlobalFoundries provided guidance with revenue expected between $1.60 billion and $1.65 billion, compared to the FactSet estimate of $1.61 billion, and projected adjusted EPS of $0.35, topping the average analyst forecast of $0.34.

Investors were further encouraged by the company's announcement of a $500 million share repurchase authorization. The positive sentiment is also attributed to GlobalFoundries' strategic shift to capitalize on the high-growth artificial intelligence infrastructure sector, making specialized chips for data centers. The company noted that its silicon photonics revenue doubled to over $200 million last year and is expected to nearly double again this year, supported by recent acquisitions that expand its capabilities in this key technology area.