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.

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The funding announced this week 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.

"The proposed project will propel Texas into a state-of-the-art semiconductor ecosystem," Commerce Secretary Gina Raimondo said on a call with reporters. "It puts us on track to hit our goal of producing 20% of the world's leading-edge chips in the United States by the end of the decade."