Samsung Poised to Win More Than $6 Billion for Expanded U.S. Investment

The US plans to award more than $6 billion to Samsung Electronics Co., helping the chipmaker expand beyond a project in Texas it has already announced, according to people familiar with the matter.

The money from the 2022 Chips and Science Act would be one of several major awards that the Commerce Department is expected to announce in coming weeks, including a grant of more than $5 billion to Samsung’s Asian rival, Taiwan Semiconductor Manufacturing Co., people familiar with the plans said earlier. The people spoke on condition of anonymity in advance of the official announcements.

The federal funding for Samsung, South Korea’s leading chipmaker, would come alongside significant additional US investment by the firm, the people said. In 2021, the company announced a $17 billion project in Taylor, Texas, near an existing Samsung plant in Austin. It isn’t yet clear where the additional investment would be located.

Read the source article at Yahoo Finance