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’s broader effort to bring semiconductor production back to America.
It’s secured more than $6 billion of US government grants for an investment outlay that’s expanded significantly to a total of $44 billion over multiple years, the people said. 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 revitalise American chipmaking after decades of production shifting to Asia.
The Chips Act — which set aside $39 billion in grants plus $75 billion in loans and guarantees — has spurred well north of $200 billion in private semiconductor investments. Intel Corp. snagged nearly $20 billion in grants and loans.