I red the "blurb" and could not find a time line for the $10 billion fab either.
GF is in trouble IMHO due to large exposure to AMD and if I recall correctly GF had lay offs in S'pore (ex Charter fab perhaps)....
Nov 30, 2012 – GlobalFoundries' plans to layoff 300 workers in Singapore won't impact its operations in Malta, New York, a company spokesman told....
GF too was hoping for Apple business but it looks TSMC has been selected and AMD cut back/paid GF money for taking less wafers.
Samsung is OK because of captibe business - that leaves GF most vulnerable.
And than there is talk about GF IPO and hoping to break even by 2015(?)
Personally I think it's absolutely crazy that all (top notch) fabless US chip makers depend on this tiny island - one tsunami could cripple everything.
So I think there is really a need for a financially and technical strong US foundry but try this to explain to an oxymoron like GS Covello who seems to be more or less brain dead.
And I think Apple is crazy for not hedging by using Intel chips at least for some products.
But Apple was dumb enough to give all chip business AP, NAND , LPDRAM and display to Samsung. So Apple is learning it the hard way.
Apple and Samsung US (staffed with US engineers and techs) probably worked out very well -
sometimes things like communication (in English) can become a problem.