Biden administration agrees to provide $6.4 billion to Samsung for making computer chips in Texas

The Biden administration has reached an agreement to provide up to $6.4 billion in direct funding for Samsung Electronics to develop a computer chip manufacturing and research cluster in Texas. The funding announced Monday by the Commerce Department is part of a total investment in the cluster that, with private money, is expected to exceed $40 billion. The government support comes from the CHIPS and Science Act. President Joe Biden signed the act into law in 2022 with the goal of reviving the production of advanced computer chips domestically. Samsung would develop a cluster in Taylor, Texas, and expand an existing facility in Austin.