US to grant Samsung up to $6.4 billion for chip plants
WASHINGTON: The United States on Monday announced grants of up to $6.4 billion to South Korean semiconductor giant Samsung to produce cutting-edge chips in Texas.The award is the latest from the US government as it looks to revive the country's chip manufacturing industry, especially high-end semiconductors.President Joe Biden's administration has previously approved billions in grants to US titan Intel and Taiwan's TSMC, as it tries to avoid the prospect of shortages of semiconductors -- the lifeblood of the modern global economy."The U.S. Department of Commerce and Samsung Electronics (Samsung) have signed a non-binding preliminary memorandum of terms (PMT) to provide up to $6.4 billion in direct funding under the CHIPS and Science Act," said a statement published by the Department of C...
