The U.S. Commerce Department allocated funding under the CHIPS Act, providing Samsung Electronics $4.75 billion for its Texas facility and SK hynix $458 million for its Indiana facility.

Samsung Electronics and Texas Instruments 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.

Samsung Electronics Co. Ltd. has finalized the incentive it will get through the federal CHIPS and Science Act, although the company won't be making as big of an investment in Taylor as what was proclaimed when dignitaries descended on the small town to announce a preliminary CHIPS award earlier this year.

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.

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.