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Biden admin gives billions to Samsung for Texas chip plant |
The Biden administration announced Monday a multibillion-dollar agreement with Samsung, which will invest in semiconductor chip manufacturing in Texas. |
© AP Photo/Jacquelyn Martin |
The $6.4 billion preliminary deal is the latest agreement struck using funds from the CHIPS and Science Act, a bipartisan law Biden signed in 2022. Samsung is expected to invest more than $40 billion in the region over the next several years to build out new Texas facilities in Taylor and Austin, our colleague Brett Samuels reported. The Biden administration said the deal is expected to support more than 20,000 jobs through construction and manufacturing positions. "This announcement, will unleash over $40 billion in investment from Samsung, and cement central Texas's role as a state-of-the-art semiconductor ecosystem, creating at least 21,500 jobs and leveraging up to $40 million in CHIPS funding to train and develop the local workforce," Biden said in a statement. "These facilities will support the production of some of the most powerful chips in the world, which are essential to advanced technologies like artificial intelligence and will bolster U.S. national security," he continued. The investments in Austin will expand an existing facility to support production of chip technology used in the aerospace, defense and automotive industries. The investments in Taylor will allow for construction of a comprehensive advanced manufacturing system that will allow Samsung to create leading-edge chips and for advanced packaging research and development. The semiconductors manufactured in Taylor would be used for communications and the automotive and defense industries, the Biden administration said. Read more in a full report at TheHill.com. |
Welcome to The Hill's Technology newsletter, we're Rebecca Klar and Julia Shapero — tracking the latest moves from Capitol Hill to Silicon Valley. | |
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How policy will be impacting the tech sector now and in the future: |
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Sen. Ron Wyden (D-Ore.), chair of the Senate Finance Committee, said a hearing on the Change Healthcare cyberattack that disrupted health care system payments across the country will be coming soon. Speaking at the American Hospital Association’s (AHA) Annual Membership Meeting, Wyden said, “We’ll be heading towards a hearing under the system of how we announce things, you know, we’ll be getting into … |
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| SAG-AFTRA, a union representing thousands of actors and other media professionals, reached a tentative deal with leading record labels that includes protections for artists from the use of artificial intelligence (AI) technology, the union announced Friday. The agreement with labels — including with Warner Music Group, Sony Music Entertainment, Universal Music Group and Disney Music Group — follows protections SAG-AFTRA and … |
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The Biden administration on Monday announced a multibillion-dollar agreement with Samsung, which will invest in semiconductor chip manufacturing in Texas. The $6.4 billion preliminary deal is the latest agreement struck using funds from the CHIPS and Science Act, a bipartisan law Biden signed in 2022. Samsung is expected to invest more than $40 billion in the region over the next several years to build out new Texas facilities … |
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Tesla plans to cut more than 10 percent of its global workforce, CEO Elon Musk said in a Monday memo to employees. "Over the years, we have grown rapidly with multiple factories scaling around the globe," Musk said in the memo, obtained by CNBC. "With this rapid growth there has been duplication of roles and job functions in certain areas." "As we prepare the company for our next phase of growth, it is extremely important … |
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News we've flagged from the intersection of tech and other topics: |
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Investments in AI fall for second year |
Global investment in artificial intelligence (AI) is down for the second year in a row, according to a report from Stanfords' Institute for Human-Center Artificial Intelligence, but investments in generative AI is on the rise, TechCrunch reported. |
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Regulators contact Tesla over owner complaint |
A federal vehicle regulator said it contacted Tesla after a complaint from a Cybertruck owner, which gained nearly 2 million views on TikTok, that his accelerator pedal got stuck while driving, NBC News reported. |
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Upcoming news themes and events we're watching: |
- The House Judiciary Committee's technology subcommittee will hold a hearing titled "Oversight of AI: Election Deepfakes" on Tuesday at 2 p.m. ET.
- The House Energy and Commerce Committee will hold a hearing on bills related to kids' safety online and comprehensive data privacy on Wednesday at 10 a.m. ET.
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Two key stories on The Hill right now: |
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NEW YORK — The Manhattan district attorney's office on Monday sought to fine former President Trump over his inflammatory social media posts and remarks … Read more |
| President Biden saw his highest approval rating since November on Monday, ticking up to 43 percent. A new poll from the Financial Times and the … Read more |
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