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Samsung Electronics Co. is preparing to take the wraps off a $44 billion investment in US chipmaking as soon as next week, a signature project in Washington\u2019s broader effort to bring semiconductor production back to America.\u00a0<\/p>\n
The world\u2019s biggest memory-chip maker plans to outline the project in Taylor, Texas, alongside Commerce Secretary Gina Raimondo, according to people familiar with the matter. It\u2019s secured more than $6 billion of US government grants for an investment outlay that\u2019s expanded significantly to a total of $44 billion over multiple years, the people said. The timing and details of the announcement could still change before they\u2019re finalized, the people said, asking not to be identified discussing private matters.\u00a0<\/p>\n
The award is the latest in a spate of multibillion-dollar handouts from the Biden administration, which is using the 2022 Chips and Science Act to try and revitalize American chipmaking after decades of production shifting to Asia. The broader program is also intended to counter the technological rise of China, which is building up its own domestic semiconductor industry.<\/p>\n
The Chips Act\u2014which set aside $39 billion in grants plus $75 billion in loans and guarantees\u2014has spurred well north of $200 billion in private semiconductor investments. Intel Corp. snagged nearly\u00a0$20 billion<\/a>\u00a0in grants and loans. Taiwan Semiconductor Manufacturing Co.\u2014the main chipmaker for Nvidia Corp. and Apple Inc.\u2014got $11.6 billion. It\u2019s unclear if Samsung will get loan awards on top of the $6 billion-plus in government grants.<\/p>\n Samsung\u2019s project adds to a robust semiconductor ecosystem in Texas, including tens of billions of dollars of additional investment from Texas Instruments Inc. in its home state and Samsung\u2019s existing factory in Austin. It\u2019s not clear when the Taylor site will begin mass production, after a reported\u00a0delay<\/a>\u00a0last year. Representatives for the company declined to comment.<\/p>\n The announcement next week will set off a monthslong due diligence period, during which Samsung and the Commerce Department will hammer out the final terms of their agreement. The money will then be disbursed as the project hits key construction and production milestones, with the potential for clawbacks if the firm falls short of its promise.<\/p>\n<\/div>\n<\/div>\n