(Refiles to change story slug for media clients, no changes to text)
Aug 27 (Reuters) - GlobalFoundries, the world's second largest contract chipmaker, said on Monday it would stop development of the next-generation semiconductor manufacturing technology and instead focus on improving its existing techniques.
The company, whose clients include chipmakers such as Qualcomm Inc, Advanced Micro Devices Inc, Broadcom Inc and STMicroelectronics, said it would indefinitely put on hold research on the smaller, faster 7 nanometer technology.
Earlier on Monday, AMD said that it would move all of its 7 nanometer production to Taiwan Semiconductor Manufacturing Co , the market leader in the foundry, or contract market for making chips for firms without plants of their own.
GlobalFoundries' move would increase the electronic industry's reliance on TSMC, which had an about 52 percent of the foundry market in 2017, according to research firm IC Insights.
GlobalFoundries' share stood at about 10 percent last year, with United Microelectronics at 8 percent and Samsung at 7.4 percent.
The chipmaker also said on Monday it would cut an unspecified number of jobs as part of the restructuring process. (bit.ly/2NpenLZ) (Reporting by Ankit Ajmera in Bengaluru; Editing by Shailesh Kuber)