Samsung Nominates Austin For $17B Plant To Drive U.S. Chip Production

  • Samsung Electronics Co Ltd (OTC: SSNLF) has shortlisted Austin, Texas, for a new $17 billion chip plant, which could create 1,800 jobs, reported Reuters.
  • It expects to build 7 million square feet (650,000 square meters) of new space on a 640-acre (259-hectare) site owned by the company in a bid to expand its chip facilities. Samsung has an existing computing chip plant in Austin.
  • Samsung aims to produce the smallest and fastest kinds of computing chips for customers.
  • The plant could become operational by the third quarter of 2023.
  • It sought tax reductions of $805.5 million over 20 years from Travis County and Austin.
  • Samsung’s alternative sites in the U.S. include Arizona and New York.
  • Tesla Inc (NASDAQ: TSLA), Qualcomm Inc (NASDAQ: QCOM), and Nvidia Corp (NASDAQ: NVDA) fall amongst Samsung’s U.S. customers for its contract manufacturing chip business.
  • U.S. Senator Charles E. Schumer has assured federal incentives for Samsung’s factory in New York to drive their local chip production versus China.
  • Most U.S. semiconductor companies except Intel Corp (NASDAQ: INTC) have outsourced their chip production to Taiwan Semiconductor Manufacturing (NYSE: TSM) and Samsung, whose facilities are outside the U.S.
  • Apple Inc’s (NASDAQ: APPL) major chip supplier TSM already disclosed plans for a $12 billion chip plant in Arizona to come online by 2024.

Posted In: semiconductorsNewsTechMedia

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.