Biden Administration Funds $6.4 Billion Samsung Chip Plant in Texas, Aiming to Boost Domestic Production

• Biden admin provides $6.4 billion in funding for Samsung to develop chip manufacturing cluster in Texas • Total investment expected to exceed $40 billion when combined with private money • Aims to boost domestic advanced chip production to 20% of world's supply by 2030 • Project expected to create 17,000+ construction jobs and 4,500+ manufacturing jobs • First Samsung chip factory to be operational in Texas in 2026, second in 2027