Samsung Plans To Spend Up To $17B On Chip-Making Factory In US: WSJ

Samsung is considering investing around $17 billion to build a chip-making factory in the US, the Wall Street Journal has reported.

What Happened: The South Korean giant is looking at locations in New York, Texas and Arizona, people familiar with the matter told WSJ.

Samsung’s plan is to open the factory by October 2022 and to hire up to 1,900 people.

Why It Matters: The expansion plans come after US lawmakers proposed allocating billions of dollars to develop the country's chip-making industry after the pandemic showed how dependent it is on overseas supply chains, WSJ noted. 

With the rise of the semiconductor industry in Asia, the share among US companies has fallen to 12% in recent years, according to a Boston Consulting Group study.