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The funding for Samsung's new facilities in Texas will come from the CHIPS Act, which is meant to lessen US dependence on chip and semiconductor imports.
Biden administration Secretary of Commerce Gina Raimondo says the incentives are to coerce companies into investing in R&D, not buybacks.
Speaking with CNN, Intel CEO Pat Gelsinger says semiconductor chip supply will be more important than oil and gas for "the next 5 decades."
With the help of the CHIPS and Science Act that was just passed in the US House and Senate, Micron is investing in bolstering its US semiconductor fabrication.
Set to boost chip production and make the United States tech market more competitive, the CHIPS Act now goes to President Biden to be signed into law.
