Samsung to Receive Over $6 Billion in U.S. Funding for Chip Production Expansion

The U.S. government's investment aims to bolster domestic chip production and reduce reliance on foreign manufacturers.

Samsung Electronics Co. is set to secure over $6 billion from the U.S. government to expand its chipmaking operations in the country.
The funding is part of the 2022 Chips and Science Act, designed to enhance U.S. competitiveness and innovation in the semiconductor industry.
Samsung's expansion plans include a new plant in Taylor, Texas, with the company's economic impact in the state already valued at $26.8 billion.
The investment is expected to create jobs and boost the local and national economy, reinforcing Texas's position as a leading state for semiconductor manufacturing.
Samsung, Intel, and TSMC are all contenders for significant U.S. government investment under the Chips Act, aiming to increase domestic chip production.