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US planning to award over $6bn to Samsung Electronics for significant US investment - Bloomberg

Published 15/03/2024, 11:28
© Reuters.

The US plans to award Samsung Electronics (KS:005930) Co. more than $6 billion, allowing the chipmaker to expand beyond a Texas project it has already announced, according to a report by Bloomberg.

Citing sources, the publication said the Commerce Department is planning to announce several major awards in the upcoming weeks, which includes a grant of over $5 billion to Taiwan Semiconductor Manufacturing Co. This grant will be part of the money allocated by the 2022 Chips and Science Act.

Furthermore, it is said that the federal funding for South Korea’s leading chipmaker, Samsung, would be accompanied by a substantial additional US investment by the firm.

However, Bloomberg warned that the pending announcement only represents a preliminary agreement that is still subject to a potential change, with no final yet made.

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