U.S. cuts Samsung CHIPS Act award by nearly $1.7bn
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PALO ALTO, California -- The Biden administration finalized an up to $4.75 billion grant to Samsung Electronics on Friday to make advanced semiconductors in the U.S., a figure far short of the $6.4 billion announced in April.
The revised grant comes as Samsung is downsizing investment in the U.S. The top South Korean chipmaker said it will invest over $37 billion in its Texas manufacturing facilities, down from the more than $40 billion announced in April.
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