The Biden administration has announced that it will provide Samsung with up to $6.4 billion in grants. The funds are intended to support the expansion of two chip plants located in central Texas.
This decision is part of the Commerce Department’s broader initiative to distribute all of the $39 billion allocated under the CHIPS Act by the end of the year. The aim is to incentivize semiconductor companies to enhance their manufacturing production capabilities within the U.S.
With this latest grant to Samsung, approximately $16 billion remains from the total fund. The exact distribution of the remaining funds is yet to be announced.
Read more at: www.nytimes.com