The US Commerce Department has awarded Samsung and Texas Instruments with a combined over $6 billion in “direct funding under the CHIPS Incentives Program’s Funding Opportunity for Commercial Fabrication,” according to a pair of announcements published on Friday.

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.

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.

The Biden administration finalized a $4.745B grant for South Korea's Samsung (SSNLF) as part of the $53B CHIPs Act on Friday. Read for more.

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.

President Joe Biden's administration said Friday that it has cemented deals for billions in funding to South Korean semiconductor giant Samsung Electronics and Texas Instruments to boost their chipmaking facilities in the United States.

Funding will support Samsung’s $37B investment to create an ecosystem for development and production of leading-edge chips in Central Texas.

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.