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World News April 10, 2024

U.S. to award Samsung up to $6.6 billion chip subsidy for Texas expansion, sources say

The Biden administration is set to announce a subsidy of more than $6 billion to Samsung in South Korea, aiming to boost chip production in the U.S. The subsidy, to be revealed by Commerce Department Secretary Gina Raimondo, will support the construction of four facilities in Taylor, Texas, including a $17 billion chipmaking plant. Samsung’s total U.S. investment will surpass $44 billion as part of the deal, which also includes an investment in another undisclosed location. This move comes as part of the government’s efforts to expand domestic chip production and compete with global manufacturers, such as Taiwan’s TSMC, which recently received a similar subsidy. The subsidy marks a significant investment under the Chips and Science Act, passed by Congress in 2022 to bolster semiconductor output, with Samsung reportedly not planning to utilize government loans.

Source – CGTN

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