Samsung poised to win over $6 bln from US for expanded investment

The U.S. plans to award more than $6 billion to Samsung Electronics Co (005930.KS), opens new tab, helping the chipmaker expand beyond a project in Texas it has already announced, Bloomberg News reported on Thursday, citing people familiar with the matter.

The South Korean company, like other chipmakers, has been awaiting the grant from the U.S. government via the CHIPS Act, aimed at ramping up chip production in the United States.

It is currently building a chip plant in Taylor, Texas, with costs rising above $25 billion compared to its initial estimate of $17 billion, according to sources last year. Reuters