The Projection — a symmetric watercolor butterfly

The Projection

The surface is never the system.

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Capital · deployed

~$0.9B/yr capex (TTM $868M, well under OCF); CHIPS $1.5B (first major award, Feb-2024) + $375M quantum foundry (May-2026); Mubadala 82% parent backstop

high confidence · as of 2026-07-26 · about Globalfoundries

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the working

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