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.