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.


The information provided by this Site is for general informational purposes only. All information on the Site is provided in good faith, however we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability or completeness of any information on the Site.

More News

5 hours ago Israeli Airstrike Hits Rafah Tent Camp Israeli airstrike on Rafah camp kills dozens, raising international alarm.
6 hours ago Meta and Call of Duty Maker Sued by Families of School Shooting Victims Families of the 2022 Uvalde school shooting victims file lawsuits against major corporations and officials, claiming they contributed to the tragedy.
8 hours ago Walmart and Capital One Call It Quits on Partnership Walmart and Capital One announce the end of their six-year card partnership amidst legal disputes.
8 hours ago US Market Open - May 27, 2024: Wall Street Wavers but Nasdaq Soars Daily update from the US market open.
10 hours ago Crypto, Currently: May 27, 2024 - Ethereum Leads Weekly Surge, Bitcoin Holds Steady Daily update on Ethereum, Bitcoin, and more!
1 day ago Debunking the headline: US GDP grows by a third ahead of EU in 15 years Europeans need not worry as much as these articles would suggest.
1 day ago Empowering Women Could Boost Economic Growth, Says IMF Economists Discover how gender equality initiatives could transform economies in Japan and Korea.