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, which President Joe Biden signed into law in 2022 with the goal of reviving the production of advanced computer chips domestically.
“The proposed project will propel Texas into a state of the art semiconductor ecosystem,” Commerce Secretary Gina Raimondo said on a call with reporters. “It puts us on track to hit our goal of producing 20% of the world’s leading edge chips in the United States by the end of the decade.”
Raimondo said she expects the project will create at least 17,000 construction jobs and more than 4,500 manufacturing jobs.
I’m pretty sure Samsung doesn’t need that money
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I mean, TSM already went “this isn’t gonna work” and “it’s not you, it’s me” on them…
You make good points
Most of these are points in favor of US Goverment support for first-time homebuyers. Instead of helping Samsung, what if there was a fund to pay 10% of every first time homebuyer’s purchase?
House prices would go up even more.
Not 10%. Most buyers are not first time homebuyers. Most buyers already have property. That’s the problem.
The problem is lack of supply in such a bad way that any increase in demand is additional upward price pressure.
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The project is estimated to create 17,000 construction jobs (temporary, feels wildly overestimated as well) and 4500 manufacturing jobs.
If you just have that $6.4B to the 4500 who would get a permanent job out of it that would be $1.4million each, probably enough for them to retire.
But no we need workers so give that money to corporations that already have billions of dollars.
Then you’ve lost 6.4 billion and there’s no valuable commodity being produced
Thank you for calling that out. I just hope this doesn’t turn into another foxconn situation like in Wisconsin.
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Need has nothing to do with it. The Biden admin is prepping for Taiwan to be taken by China. Throwing cash at Texas just helps with political messaging.
Yeah it should be going straight to Israel.