Samsung Electronics Co. and Texas Instruments Inc. completed final agreements to get billions of dollars of government support for new semiconductor plants in the US, cementing a major piece of the Biden administration’s Chips Act initiative.

Samsung is using the $4.745 billion in funding to support three fabs in Taylor and the expansion of the company's Austin facility.

The US Commerce Department has awarded Samsung and Texas Instruments with a combined over $6 billion in “direct funding under the CHIPS Incentives Program’s Funding Opportunity for Commercial Fabrication,

The U.S. Commerce Department said on Friday it was finalizing an award of up to $4.745 billion to South Korea's Samsung Electronics and up to $1.61 billion for Texas Instruments to expand chip production.

The US Commerce Department has announced that it was finalizing an award of up to $4.745 billion dollars to Samsung Electronics to boost chip production. Notably, earlier in April this year, Samsung already secured a massive grant worth $6.