South Korea tech giant set to invest over $200 billion for 11 new chip-making plants in Texas over the next two decades, according to WSJ
Samsung disclosed spending in filings!
Samsung’s potentially deal breaker spending comes as U.S. lawmakers weigh more than $50 billion in subsidies to boost American-based chip production
*Tweet on Samsung’s US senate voting Chip act
Today the #USSenate voted to advance the CHIPS Act of 2022 closer to final passage. @SamsungDC applauds Senate leaders for their continued commitment to investing in semiconductor innovation and manufacturing leadership. We urge the House to support and pass swiftly! https://t.co/tPGhYZ1A8t
— SamsungDC (@SamsungDC) July 26, 2022
Details of the legislation need to be resolved, though the bipartisan bill cleared a procedural hurdle.
Much of the world’s chip production has shifted to Asia in recent decades, WSJ reports
The slow progress on the U.S. chip subsidies has prompted some semiconductor giants to stall tens of billions of dollars in potential factory projects.
Intel Corp. recently said it would move more cautiously on its factory plans without government incentives and delayed a groundbreaking ceremony for a planned multibillion-dollar chip manufacturing facility in Ohio.
In a official statement, U.S. Commerce Secretary Gina Raimondo said that;
Samsung’s investment would be transformational for the American chip-manufacturing industry, job creation and innovation, and urged Congress to pass legislation
Samsung currently operates chip-production factories at three locations in South Korea, two in Austin, Texas, and two in China.
The company dominates in memory chips, while it harbors big aspirations for its contract chip-making business.