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The Biden administration plans to allocate more than $6 billion to South Korea’s Samsung next week to increase its chip production in Tyler, Texas, according to people familiar with the matter.
Commerce Secretary Gina Raimondo will announce the subsidy program to build four factories in Tyler, including a chip manufacturing plant, an advanced packaging plant and a research and development center. Additional investments will be made in undisclosed locations.
Sources revealed that this will be the third largest investment project in U.S. history, second only to TSMC’s investment. This move aims to expand domestic chip production capacity and reduce dependence on China and Taiwan.
(Source: Reuters Image source: freepik)
