Samsung Gets $6.4B for Texas Chip Plants, to Create 21,500 Jobs by 2026

Apr 15, 2024, 10:50 PM

The Biden administration has announced a substantial investment in the semiconductor industry by awarding Samsung Electronics up to $6.4 billion in grants under the CHIPS Act. This funding is part of a broader initiative to enhance U.S. chip manufacturing capabilities and reduce dependence on foreign technology. Samsung plans to utilize this grant to expand its chip production facilities in central Texas, specifically in Taylor and Austin. The project includes the development of advanced 2nm and 4nm logic chips and 2.5D packaging, aiming to commence production by 2026. Additionally, Samsung's total investment in this initiative is expected to exceed $40 billion, which will also support local workforce training, benefit from a 25% investment tax credit, and create approximately 21,500 jobs.