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Biden Administration Announces $6.4 Billion Deal with Samsung for Texas Chip Plant

The investment is part of the CHIPS and Science Act, aiming to bolster U.S. semiconductor production and national security.

U.S. Secretary of Commerce Gina Raimondo announces the $6.4 billion grant at the Samsung semiconductor plant in Taylor. The money is available through the federal CHIPS and Science Act.
The US government is awarding up to $6.4 billion in CHIPS Act grants for Samsung's expansion of semiconductor operations in central Texas, USA.
United States Commerce Secretary Gina Raimondo attends an event in Bangkok, Thailand, on March 13, 2024. Photo: AP

Overview

  • The Biden administration has entered into a multibillion-dollar agreement with Samsung to enhance semiconductor manufacturing in Texas.
  • The $6.4 billion deal will support the construction of new facilities in Taylor and Austin, expected to create over 20,000 jobs.
  • Samsung plans to invest more than $40 billion in the region, significantly expanding its existing infrastructure.
  • The initiative is set to fortify the U.S. position in advanced chip technology essential for sectors like aerospace, defense, and automotive.
  • This strategic move is also seen as a step to secure the U.S. supply chain and improve economic and military capabilities.