U.S. Bolsters Chip Production with Billion-Dollar Incentives

The U.S. Commerce Department is finalizing significant awards to major tech companies like Samsung and Texas Instruments to expand chip production within the U.S. This move aims to enhance the semiconductor supply chain by providing over $33 billion in incentives, improving domestic production capabilities.

The U.S. Commerce Department announced it is finalizing awards totaling billions to bolster domestic chip production. Up to $4.745 billion will go to South Korea's Samsung Electronics, and $1.61 billion will be provided to Texas Instruments.

Samsung's revised investment plan now includes $37 billion toward new facilities in the U.S., a reduction from initial projections of $45 billion. Texas Instruments will use over $18 billion to create new factories in Texas and Utah, expecting to generate about 2,000 jobs.

This funding aligns with broader national efforts to reinvigorate the semiconductor supply chain, aided by a $39 billion congressional subsidy approved last year.

(With inputs from agencies.)