The Biden-Harris administration announced on Dec. 20 that the U.S. Department of Commerce has awarded tech giant Samsung up to $4.74 billion to help the company invest in Central Texas, according to a press release. .
The funds will be allocated through the “Act on the Creation of Incentives to Help Semiconductor and Scientific Production” after signing a preliminary memorandum of conditions in April. This funding will be released to Samsung based on the completion of project milestones.
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Funding from the CHIPS Incentive Program commercial manufacturing facility funding opportunity will generate $37 billion over the next few years to transform Central Texas into a comprehensive ecosystem for chip development and production in the United States The company will support the company’s efforts to invest more than 1,000 yen. Until release.
The funding will help Samsung install two new “logic fabs” in Taylor, Texas: a semiconductor chip manufacturing plant and an R&D facility. Funding will also support expansion of existing facilities in Austin.
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Samsung has been making chips in the U.S. since 1996, and the new CHIPS Act funding is expected to create about 12,000 construction jobs and 3,500 manufacturing jobs over the next five years, according to a release. That’s what it means.
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“With this investment in Samsung, the United States officially becomes the only country on earth to be home to all five of the most advanced semiconductor manufacturers,” U.S. Secretary of Commerce Gina Raimondo said in a statement. . “This is an extraordinary accomplishment that will provide a stable domestic supply of cutting-edge semiconductors critical to AI and national security, while creating tens of thousands of good-paying jobs and transforming communities across the country. That will happen.”
