AMD has decided to cut the cord and is giving up its final stake in GlobalFoundries. AMD spun off GlobalFoundries in 2009 and has gradualy reduced its share over time, but now it is giving up that final 8.8%. This makes GlobalFoundries wholly owned by the United Arab Emirates government. AMD also restructured the contract it held with GlobalFoundries, and now is free to use TSMC's 28nm process for its chips. Previously all 28nm work was done at GlobalFoundries, but now AMD is no longer bound to that agreement. It still plans to use GlobalFoundries in some form and will not completely abandon it, however. This should be good news for AMD because of the problems GlobalFoundries was having with the 28nm process, but there is a cost to that newfound manufacturing freedom. AMD has agreed to pay GlobalFoundries $425 million over the next two years, with the deal costing a total of $703 million when all is said and done.