US finalises $4.7 billion subsidy to Samsung under CHIPS Act: Zee Business

In a major move to boost domestic semiconductor production, the US government has finalized a $4.7 billion subsidy under the CHIPS Act to tech giant Samsung. The funding aims to support the expansion of Samsung’s semiconductor manufacturing facilities in the United States, as part of efforts to reduce the country’s reliance on foreign chip suppliers.

The CHIPS Act subsidy comes at a critical time as global chip shortages continue to impact various industries, from automotive to consumer electronics. By investing in domestic semiconductor production, the US government hopes to strengthen national security and economic competitiveness in the tech sector.

Samsung, one of the world’s leading chipmakers, has already announced plans to build a new $17 billion semiconductor manufacturing plant in Texas. The CHIPS Act subsidy will further support this project, which is expected to create thousands of jobs and increase US production capacity for critical semiconductor components.

This funding is a significant step towards achieving the goals of the CHIPS Act, which aims to incentivize semiconductor companies to invest in domestic manufacturing and research. With Samsung’s increased presence in the US semiconductor market, the country is poised to reduce its reliance on foreign suppliers and secure a more stable semiconductor supply chain.

The $4.7 billion subsidy to Samsung represents a major milestone in the US government’s efforts to bolster domestic semiconductor production. As global chip shortages continue to impact industries worldwide, this investment in Samsung’s manufacturing capabilities will play a crucial role in strengthening the country’s tech infrastructure and economic resilience.