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

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.

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.