Samsung Electronics has been awarded a $4.745 billion incentive by the US government to help boost operations and create "tens of thousands" of jobs at its production hubs in America, as the world's biggest economy positions itself to be a leader in the microchip industry amid the artificial intelligence boom.
The incentive, which was made under the key Chips Act, will underpin Samsung's investment commitment of more than $37 billion in the coming years and help transform its existing presence into a "comprehensive ecosystem for the development and production of leading-edge chips" in the US, the Commerce Department said on Friday.
These will include two new logic fabrication plants and a research and development unit in Taylor, Texas, in addition to expanding an existing facility in Austin, according to the department, which will distribute the funds based on Samsung’s completion of project milestones.
“With this investment in Samsung, the US is now officially the only country on the planet that is home to all five leading-edge semiconductor manufacturers," Commerce Secretary Gina Raimondo said in the statement.
Based on market capitalisation, that list would include AI leader Nvidia, Broadcom, Taiwan Semiconductor Manufacturing, Samsung and Advanced Micro Devices, according to data from CompaniesMarketCap.
"This is an extraordinary achievement, which will ensure we have a steady, domestic supply of the most advanced semiconductors that are essential to AI and national security, while also creating tens of thousands of good-paying jobs and transforming communities across the country,” Ms Raimondo said.
US companies Texas Instruments, the seventh-biggest by market cap, and Amkor Technology were also awarded incentives, being granted with $1.61 billion and $407 million, respectively. They will also be disbursed according to milestones, the department said in separate statements.
The incentive for Texas Instruments will support more than $18 billion worth of investments through the end of the decade that includes the construction of three new plants. Amkor's, on the other hand, will aid a $2 billion greenfield facility, in addition to the creation of up to 4,000 jobs.
“The manufacture of leading-edge semiconductors is a critical part of the supply chain for advanced AI and other leading technologies,” National Economic Advisor Lael Brainard said.
The race for semiconductor manufacturing continues to heat up as companies try to keep up with the heightened demand for chips, particularly to power AI applications amid the explosion of generative AI. The US is positioning itself to take a leading role in the industry and fend off challenges particularly from China.
The Chips Act – officially the Creating Helpful Incentives to Produce Semiconductors and Science Act – was enforced in 2022 to boost and incentivise US chip production.
It also aims to help revitalise the US semiconductor sector, once a major force but has since lost market share to other manufacturers including those based in South Korea and Taiwan.
The share of modern semiconductor manufacturing capacity located in the US has eroded from 37 per cent in 1990 to 10 per cent in 2022, mostly because other countries’ governments have invested "ambitiously in chip manufacturing incentives and the US government has not", according to the Semiconductor Industry Association.
"Federal investments in chip research have held flat as a share of GDP, while other countries have significantly ramped up research investments," the Washington, DC-based trade body said.
The Chips Act has so far awarded approximately $32 billion of the more than $36 billion earmarked for incentives across 21 states that are expected to create over 125,000 jobs, according to the Commerce Department.
In addition, semiconductor and electronics companies have announced almost $450 billion in private investments since the beginning of the Biden administration in 2021, enabling to "stimulate private sector investment, create good-paying jobs [and] make more in the US", it added.
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
GAC GS8 Specs
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Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
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What is the definition of an SME?
SMEs in the UAE are defined by the number of employees, annual turnover and sector. For example, a “small company” in the services industry has six to 50 employees with a turnover of more than Dh2 million up to Dh20m, while in the manufacturing industry the requirements are 10 to 100 employees with a turnover of more than Dh3m up to Dh50m, according to Dubai SME, an agency of the Department of Economic Development.
A “medium-sized company” can either have staff of 51 to 200 employees or 101 to 250 employees, and a turnover less than or equal to Dh200m or Dh250m, again depending on whether the business is in the trading, manufacturing or services sectors.
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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More from Armen Sarkissian
Types of bank fraud
1) Phishing
Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
2) Smishing
The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
3) Vishing
The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
4) SIM swap
Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
5) Identity theft
Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
6) Prize scams
Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
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Transmission: 10-speed auto
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Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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