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    Samsung may reveal its $44 billion US chip investment next week

    Business
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    Last updated: April 12th, 2024 at 12:58 UTC+02:00

    Samsung has invested a lot of money in its US chipmaking facilities. In addition to its existing facility, the company announced a $17 billion project in 2021 for a semiconductor plant in Taylor, Texas that's likely to begin mass production of chips later this year.

    The US government is focused on pumping up the local chipmaking industry. To that end, it's giving major companies in the industry subsidies worth billions of dollars in exchange for them setting up new facilities in the US. Samsung has also secured some of those subsidies and has in return bumped up its total investment to over $44 billion.

    Samsung significantly increases its investments in US chipmaking

    Samsung has already invested more than $20 billion to make chips in the US. Recent reports suggest that it's now increasing that investment to $44 billion. Samsung will reportedly build an additional semiconductor plant, a chip packaging plant, and a chip research and development space in Texas.

    The company is reportedly receiving a $6 billion grant from the US government under the CHIPS ACT to build advanced semiconductor facilities in the country. It's far from the only company that got money under this act. Intel got close to $20 billion, TSMC received $11.6 billion, and Samsung gets $6 billion as well as loan awards on top of this amount.

    Samsung is now expected to officially confirm this $44 billion investment as early as next week. It will make the announcement alongside Commerce Secretary Gina Raimondo. An official announcement next week will set off a long due diligence period during which the final terms of this agreement will be settled between Samsung and the Commerce Department. The funds will then be disbursed as the project hits important construction and production milestones.

    Business Samsung ElectronicsUnited States

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