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The U.S. government is awarding Samsung Electronics Co (OTC:SSNLF) up to $6.4 billion to expand its chip-making operations in Taylor, Texas. This is part of a broader Biden administration initiative to rejuvenate semiconductor manufacturing in the United States.
This grant will support Samsung in increasing its investment in the region to about $45 billion, enabling the construction of a second chip-making factory, an advanced chip-packaging facility, and enhancing research and development capabilities.
This effort more than doubles Samsung’s initial commitment in 2021 for a chip-making plant in Taylor and aligns with the objectives of the 2022 Chips Act, which allocates $39 billion in manufacturing grants to bolster domestic chip production, the Wall Street Journal reports.
Samsung’s plans include creating 17,000 construction jobs and 4,500 manufacturing positions, contributing significantly to the U.S. aim of restoring its prominence in the global semiconductor industry, which has seen its production share decline from over a third in the 1990s to about 12% in 2020.
The investment is set to produce some of the industry’s most advanced chips starting in 2026 and 2027. It will bolster the U.S.’s capacity in AI computing and other critical areas, aiming to achieve about 20% of the world’s production of the most advanced logic chips by 2030.
Last week, reports indicated that Nvidia Corp (NASDAQ:NVDA) supplier Taiwan Semiconductor Manufacturing Co (NYSE:TSM) increased its investment in the U.S. by more than 60% to $65 billion, with support from a $6.6 billion federal grant and $5 billion in loans, facilitating the production of cutting-edge 2-nanometer chips.
Additionally, the company established a goal for 60% local procurement in Japan, signaling a major push for global expansion.
Also Read: Nvidia Supplier SK Hynix Bets $3.87B On US Chip Future, Scores Win For Biden’s Supply Chain Goals
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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