(Boursier.com) — Samsung Electronics is preparing to unveil a massive $44 billion investment in the United States next week, a flagship project in Washington’s broader efforts to bring semiconductor production back to America. The world’s largest memory chip maker plans to present the project in Taylor, Texas, alongside Commerce Secretary Gina Raimondo, according to sources familiar with the matter cited by ‘Bloomberg’.
He reportedly obtained more than $6 billion in U.S. government grants for investments that grew significantly to a total of $44 billion over several years, according to the sources. The timing and details of the announcement could still change before they are finalized.
The Biden administration is using the ‘Chips and Science Act’ of 2022 to try to revitalize U.S. chip manufacturing after decades of shifting production to Asia. The broader program also aims to counter China’s technological rise, which is developing its own domestic semiconductor industry.
The Chips Act – which provides $39 billion in grants and $75 billion in loans and guarantees – has already led to more than $200 billion in private investment in semiconductors. Intel received nearly $20 billion in grants and loans. Taiwan Semiconductor Manufacturing – the main chip maker of Nvidia Corp. and Apple – received $11.6 billion.
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