Samsung is said to receive $6 billion from CHIPS Act to expand in the U.S.

SEO Article Rewrite


Samsung to Receive Federal Grant for U.S. Chipmaking Expansion

Samsung’s Grant Award

Samsung Electronics is on track to secure a substantial federal grant to enhance its chipmaking operations in the United States.

Commerce Department’s Funding Plan

The Commerce Department is set to allocate $6 billion to the South Korean tech giant through the CHIPS and Science Act of 2022. This funding is part of a $28 billion initiative aimed at supporting manufacturing projects by various companies.

Other Beneficiaries

Aside from Samsung, major players like Taiwan Semiconductor Manufacturing Co, Intel Corp., and Micron Technology are also in line to receive significant financial support according to Bloomberg.

Pending Announcement

While Samsung’s response is pending, the exact investment location remains undisclosed.

Previous Investments

Building upon its existing U.S. investments, Samsung’s plans include a $17 billion, 7 million square foot manufacturing facility in Taylor, Texas, as reported by Bisnow.

Future Growth

In the coming years, Samsung aims to invest approximately $200 billion in the U.S. for the development of 11 chipmaking plants, as highlighted by The Wall Street Journal. Moreover, the company’s economic impact in Texas has witnessed a significant increase, reaching $26.8 billion in 2023.

Impact on Industrial Sector

The recent surge in industrial construction activities, including the doubling of investments in 2022, can be attributed to legislative measures like the Inflation Reduction Act and the CHIPS and Science Act. The latter has already unlocked $39 billion to stimulate semiconductor manufacturing.

Read More of this Story at – 2024-03-15 19:10:52

Read More US Economic News

Leave A Reply

Your email address will not be published.