US to award Samsung $6.4 bln in grants for Texas chip production complex

The Biden administration will award up to $6.4 billion in grants to South Korea’s Samsung to expand its chip production in central Texas as part of a broader effort to expand U.S. chipmaking, the Department of Commerce said on Monday.

The funding, from the 2022 Chips and Science Act, will boost chip production for the aerospace, defense, and auto industries and bolster national security, administration officials told reporters.