Samsung Receives $4.7 Billion for US Chip Manufacturing

The Biden administration has finalized a grant of up to $4.745 billion to Samsung Electronics as part of the CHIPS and Science Act, aimed at bolstering U.S. semiconductor manufacturing. This funding will support Samsung's investment of over $37 billion to expand its semiconductor fabrication facilities in Texas, creating approximately 12,000 construction jobs and more than 3,500 manufacturing jobs. U.S. Secretary of Commerce Gina Raimondo emphasized that this investment positions the U.S. as home to all five leading-edge semiconductor manufacturers, enhancing national security and economic competitiveness. However, the grant amount is roughly $1.7 billion less than previously announced due to a reduction in Samsung's projected investment. Additionally, the Commerce Department has also approved up to $1.6 billion for Texas Instruments to support its new manufacturing facilities. These initiatives reflect the U.S. government's efforts to reduce dependency on foreign semiconductor production amid increasing global competition.