Us Commerce Department Unveils Historic 6 Billion Boost For Leading Chip Makers Samsung And Texas Instruments

US Commerce Department Announces Record-Breaking Funding for Semiconductor Industry Powerhouses Samsung and Texas Instruments

The US Commerce Department has awarded Samsung and Texas Instruments with substantial funding under the CHIPS Incentives Program, totaling $6 billion. This combined award is the largest yet, marking a significant investment in the country’s efforts to strengthen its chip manufacturing capabilities.

Samsung will receive the lion’s share of the funding at $4.745 billion as part of its planned $37 billion investment in Texas chip facilities, including two new state-of-the-art logic fabs and an R&D fab in Taylor, Texas, and the expansion of its existing plant in Austin. This decision is seen as a strategic move to optimize overall investment efficiency.

The funding will play a crucial role in supporting Samsung’s ambitious plans to establish itself as a leading player in the US chip market. With this significant investment, Samsung aims to create hundreds of new jobs and stimulate economic growth in the region. The company’s commitment to the US is expected to have far-reaching implications for the country’s semiconductor industry.

Texas Instruments will receive $1.61 billion from the funding, supporting its plans to spend $18 billion on various projects, including the construction of two new wafer fabs in Texas and a third in Utah. This award recognizes the critical role that semiconductor companies like Texas Instruments play in driving innovation and economic growth.

The CHIPS Act funding has been instrumental in attracting significant investments from major tech companies. The program has already generated considerable interest among US-based chip manufacturers, with several other companies expected to benefit from this funding in the coming months.

Smaller award recipients like Amkor Technology will also benefit from the Commerce Department’s decision. The $407 million awarded to Amkor Technology is a significant boost to its operations, marking an important milestone in the company’s efforts to strengthen its position in the global chip supply chain.

Investments like these are crucial for ensuring that the US remains competitive on the world stage. With funding decisions like this one, the Commerce Department signals a commitment to supporting key players in the industry and driving innovation forward.