G0d4ather/iStock Editorial via Getty Images
Samsung Electronics Co. (OTCPK:SSNLF) is expected to be awarded more than $6 billion to assist the chipmaker in expanding beyond an already announced project in Texas.
The money is coming from the 2022 Chips and Science Act and is would be one of several major awards that the Commerce Department is expected to announce in the coming weeks, according to a Bloomberg report late Thursday, which cited people familiar with the matter.
The Samsung award comes after Bloomberg reported last Friday that chipmaker Taiwan Semiconductor Manufacturing (TSM) looks to be the beneficiary of a $5 billion federal grant for a chipmaking center in Arizona.
The pending announcement for Samsung (OTCPK:SSNLF) only represents a preliminary agreement that may still change, and no final decision has been made, according to the report.
Last week, Intel (INTC) was named the likely recipient of a $3.5 billion grant from the U.S. government to make advanced semiconductors for military and intelligence programs.
The money is part of the larger $39B Chips and Science Act grant pool which is aimed at boosting semiconductor manufacturing in the U.S.