Biden administration agrees to provide $6.4 billion to Samsung for making computer chips in Texas
The Biden administration has reached an agreement to provide up to $6.4 billion in direct funding for Samsung Electronics to develop a computer chip manufacturing and research cluster in Texas
By JOSH BOAK
Published - Apr 15, 2024, 05:03 AM ET
Last Updated - Apr 15, 2024, 05:03 AM EDT
WASHINGTON (AP) — The Biden administration has reached an agreement to provide up to $6.4 billion in direct funding for Samsung Electronics to develop a computer chip manufacturing and research cluster in Texas.
The funding announced Monday by the Commerce Department is part of a total investment in the cluster that, with private money, is expected to exceed $40 billion. The government support comes from the CHIPS and Science Act, which President Joe Biden signed into law in 2022 with the goal of reviving the production of advanced computer chips domestically.
Raimondo said she expects the project will create at least 17,000 construction jobs and more than 4,500 manufacturing jobs.
