The United States will provide up to $6.4 billion in subsidies to South Korean giant Samsung. The grants are to be used to produce cutting-edge electronic chips in Texas.
Samsung will also expand its existing facilities in Texas, the U.S. Commerce Department said. The agreement is linked to a major technology investment law, the “Chips and Science Act’ The law provides $52.7 billion to revive semiconductor production in the United States, with the idea that public money serves as a springboard for private investments, according to the Commerce Department.. Last Monday, Taiwanese semiconductor giant TSMC announced the construction of a third factory in Arizona (west), bringing its total investment to $65 billion. The deal will “seal the central role of Texas” in the semiconductor industry, welcomed American President Joe Biden in a press release. The agreement will support the production of some of the most powerful chips in the world, which are essential for technologies like artificial intelligence.