Samsung Scores $6.6B U.S. Subsidy to Boost Texas Chip Production 💰💽
The tech world is buzzing! 🐝 The Biden administration is set to announce a whopping $6.6 billion subsidy for South Korea's Samsung to supercharge its chip production in Taylor, Texas. Everything's bigger in Texas, right? 🤠
According to insiders, U.S. Commerce Department Secretary Gina Raimondo will unveil the deal next week. This massive investment aims to ramp up chipmaking in the U.S., strengthening the tech supply chain and bringing more high-tech jobs stateside. 🇺🇸
So, what's the plan? Samsung will use the funds to build four cutting-edge facilities in Taylor, including:
- A $17 billion chipmaking plant (originally announced in 2021)
- Another advanced factory
- An advanced packaging facility
- A research and development center
But that's not all! There's talk of Samsung investing in another secret location. 🤫 In total, Samsung's U.S. investment will more than double to over $44 billion. Cha-ching! 💸
One insider mentioned that this subsidy is the third-largest in the program, just behind TSMC, which recently snagged $6.6 billion and plans to expand its investment in Arizona to $65 billion with a third factory by 2030. Talk about a tech arms race! 🚀
This announcement is part of a series of major grants under the Chips and Science Act. Passed in 2022, the Act pumps $52.7 billion into boosting domestic semiconductor production. The U.S. is all-in on making sure its chip game is strong, reducing reliance on overseas production, and keeping up with global competitors. Game on! 🎮
Neither the Commerce Department nor Samsung had comments on the deal yet. Texas Governor Greg Abbott's office is also keeping mum. Guess we'll have to wait and see! 👀
With such huge investments, the future of tech in the U.S. looks brighter than ever. Stay tuned, techies! 🌟
Reference(s):
U.S. to award Samsung up to $6.6 billion chip subsidy for expansion
cgtn.com
