Joe Biden set to rain subsidy windfall on Samsung, Intel, TSMC and others, for chips: Report | Tech News

Joe Biden set to rain subsidy windfall on Samsung, Intel, TSMC and others, for chips: Report

According to a WSJ report, US president Joe Biden will soon announce subsidies to Samsung, Intel, TSMC and others to make advanced chips in the US.

| Updated on: Jan 28 2024, 14:37 IST
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US President Joe Biden is set to announce subsidies for semiconductor companies like Samsung, Intel, and TSMC to boost chip manufacturing in the US and stay ahead of rivals like China. (AFP)

According to a Wall Street Journal report, US President Joe Biden will soon announce subsidies top semiconductor companies like Samsung, Intel, TSMC (Taiwan Semiconductor Manufacturing Co) and others to make advanced chips in the US. The strategy is to keep the US and its allies as ahead of fierce rivals like China as is possible. 

The windfall is expected to be in the billions of dollars and it will be announced in coming weeks and this will be to help them build new factories in the U.S.

The forthcoming announcements aim to kick-start manufacturing of advanced semiconductors that power smartphones, artificial intelligence, and weapons systems, the WSJ reported, citing industry executives familiar with the negotiations.

The announcement is expected to come before President Biden's State of the Union address on March 7, WSJ reports.

Where things stand

Among the companies likely to get subsidies is Intel and it has projects underway in Arizona, Ohio, New Mexico, and Oregon that will cost more than $43.5 billion, the WSJ said. 

Taiwan's TSMC has as many as two plants underway near Phoenix and its total investment is expected to be $40 billion. 

Samsung too is a likelly recipient of the subsidy and it has a $17.3 billion project in Texas.

Micron Technology, Texas Instruments, and GlobalFoundries count among other top contenders, WSJ added citing industry executives.

“This is a merit-based process with tough commercial negotiations — CHIPS awards will be entirely dependent upon which projects will advance US economic and national security,” a U.S. Department of Commerce spokesperson told Reuters. 

In December last year, U.S. Commerce Secretary Gina Raimondo said she would make around a dozen funding awards for semiconductor chips within the next year, including multi-billion dollar announcements that could drastically reshape U.S. chip production, Reuters reported.

The first award was announced in December, of over $35 million to a BAE Systems facility in Hampshire to produce chips for fighter planes, part of a $39 billion "Chips for America" subsidy program approved by the U.S. Congress in 2022.

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First Published Date: 28 Jan, 11:48 IST