Samsung is using the $4.745 billion in funding to support three fabs in Taylor and the expansion of the company's Austin facility.

Samsung Electronics Co. and Texas Instruments Inc. completed final agreements to get billions of dollars of government support for new semiconductor plants in the US, cementing a major piece of the Biden administration’s Chips Act initiative.

The U.S. Commerce Department said on Friday it was finalizing an award of up to $4.745 billion to South Korea's Samsung Electronics and up to $1.61 billion for Texas Instruments to expand chip production.

The US Commerce Department has announced that it was finalizing an award of up to $4.745 billion dollars to Samsung Electronics to boost chip production. Notably, earlier in April this year, Samsung already secured a massive grant worth $6.

The U.S. government has decided to reduce subsidies for Samsung Electronics’ semiconductor facilities in the United States by about 26%. This contrasts with its decision to grant SK Hynix up to $500 million (about 725 billion won) in subsidies and government loans the day before.

By David Shepardson WASHINGTON (Reuters) -The U.S. Commerce Department said on Friday it was finalizing an award of up to $4.745 billion to South Korea's Samsung Electronics and up to $1.61 billion for Texas Instruments to expand chips production.