![](https://menafn.com//includes/img/error-logo-left.png)
US To Provide $6.4 Bn In CHIPS Act Grants To Samsung
The subsidy is part of Washington's broader effort to bring cutting-edge Semiconductor production back to the US amid concerns the world's largest Economy is falling behind in the race to develop the chips that power artificial intelligence (AI) systems, reports DPA news agency.
Samsung plans to manufacture two-nanometre chips at the plant in Taylor, Texas. Such semiconductor technology is currently found exclusively in Asia, chiefly in Taiwan by market leader TSMC.
This announcement came after TSMC Arizona Corporation, Intel, GlobalFoundries, the American subsidiary of BAE Systems Plc and Microchip Technology were selected as beneficiaries.
US President Joe Biden signed into law the CHIPS Act in August 2022. It provides up to $39 billion in state support to encourage manufacturers to build plants in the US.
Intel has secured $8.5 billion and TSMC was recently awarded $6.6 billion.
Samsung's $6.4 billion will go towards expanding its Texas site, which has been under construction since 2022.
The Commerce Department plans to invest about $28 billion of the total in leading-edge chipmakers, like Samsung.
![](https://menafn.com/updates/provider/IANS.png)
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.
Most popular stories
Market Research
![Market Research](/Updates/Alliance.png)
- Manuka Honey Market Report 2024, Industry Growth, Size, Share, Top Compan...
- Modular Kitchen Market 2024, Industry Growth, Share, Size, Key Players An...
- Acrylamide Production Cost Analysis Report: A Comprehensive Assessment Of...
- Fish Sauce Market 2024, Industry Trends, Growth, Demand And Analysis Repo...
- Australia Foreign Exchange Market Size, Growth, Industry Demand And Forec...
- Cold Pressed Oil Market Trends 2024, Leading Companies Share, Size And Fo...
- Pasta Sauce Market 2024, Industry Growth, Share, Size, Key Players Analys...
Comments
No comment