Helena Lyng Blak
5 weeks ago

The Chip Race Continues: US Awards Samsung $6.4 Billion in Funding

Samsung secures $6.4 billion from the US to supercharge semiconductor production, research and development.
Hsyn20 / Shutterstock.com
Hsyn20 / Shutterstock.com

On Monday, April 15, United States President Joe Biden and Samsung Electronics announced a preliminary agreement between the company and the US Department of Commerce to bring Samsung’s semiconductor manufacturing, research and development to the US.

Samsung reported it had received $6.4 billion in funding as part of the CHIPS and Science Act.

“I signed the CHIPS and Science Act to restore U.S. leadership in semiconductor manufacturing and ensure America’s consumers, businesses, and military maintain access to the chips that underpin our modern technology,” says President Biden in a statement.

“But well before the law was passed, I was working to address our supply chain vulnerabilities. This included my trip to the Republic of Korea (ROK), where I visited Samsung’s Pyeongtaek campus to see one of the largest semiconductor manufacturing facilities in the world.”

The money will be used to expand Samsung’s operations in Texas and create new manufacturing capabilities.

“We’re not just expanding production facilities; we’re strengthening the local semiconductor ecosystem and positioning the U.S. as a global semiconductor manufacturing destination,” says Samsung Semiconductor CEO Kye Hyun Kyung. 

This move by the US is just the latest in a decades-long global struggle for dominance over one of the most important resources of our time: Microchip technology, which Forbes calls “the building blocks of the modern digital economy”

Recently, Biden’s CHIPS and Science Act awarded Intel $8.5 billion to bolster the American position as a leading semiconductor manufacturer.

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