Samsung Electronics is set to receive over $6 billion in grants from the United States to support its expansion beyond an already announced $17B chip manufacturing project in Taylor, Texas. This funding, part of the 2022 Chips and Science Act grants, aims to bolster Samsung's capabilities in chip manufacturing amid the global race to advance in semiconductor technology. The decision comes as South Korean tech giants, including Samsung, LG, and SK, express concerns over rising construction costs and uncertainties regarding subsidies in the U.S., especially with the upcoming presidential election. These concerns are compounded by a shortage of skilled labor in the U.S., leading to a record number of unfilled construction jobs and a significant increase in the cost of new industrial building projects. As a result, companies like Samsung have been forced to suspend their construction projects in the U.S. despite the planned financial support.
Samsung poised to win over $6 bln from US for expanded investment, Bloomberg News reports https://t.co/rsuyuofmMZ https://t.co/ANEqnRJBXU
Sources: the US plans to award over $6B to Samsung to help the company expand beyond its $17B chip fab in Taylor, Texas, under the 2022 Chips and Science Act (Bloomberg) https://t.co/QxmoEZUfwn 📫 Subscribe: https://t.co/OyWeKSRpIM https://t.co/GD6DpDsObg
EXCLUSIVE: The US plans to award more than $6 billion to Samsung, helping the chipmaker expand beyond a project in Texas it has already announced https://t.co/q84zcEcH1L
Scoop: Samsung Electronics is poised to win more than $6 billion in US grants, helping the chipmaker expand beyond a project in Texas it has already announced, according to sources. W/ @mackhawk https://t.co/LzDuJKmCNJ
SCOOP: The US plans to award more than $6b in Chips Act grants to Samsung, helping the chipmaker expand beyond a project in Texas it has already announced Like all grants, this would be a preliminary award to be disbursed over time With @yoolimleenews https://t.co/d23p4ZczlM
Samsung Poised To Win Over $6 Billion For Expanded US Investment - BBG https://t.co/X0HTbxr8kr
The US plans to award more than $6 billion to Samsung, helping the chipmaker expand beyond a project in Texas it has already announced https://t.co/yzLmvxcLCe
US re-industrialisation update: Samsung, LG, SK, all in the process of building semiconductors and battery factories in the US, "suspend US construction projects" amid labor and construction costs "rising at alarming pace". https://t.co/rtO54zwIQq - Samsung was in the process of…
The US doesn't have the skilled labor. A record number of construction jobs are unfilled. That's why the cost of new industrial building has jumped -- and why Korean chipmakers are stopping their projects in the US. https://t.co/cLblNQL5B6
"Samsung, LG and SK are concerned about their investments in the United States amid a spike in construction costs and lingering subsidy uncertainties ahead of the upcoming presidential election in the world’s largest economy..." https://t.co/LCmqVhh62v
Exclusive: Samsung to use tech favoured by SK Hynix as AI chip making race heats up, sources say https://t.co/NLwLre4qe5 https://t.co/JHNAirbEKX