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.

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 chipmak

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 Biden administration finalized a $4.745B grant for South Korea's Samsung (OTCPK:SSNLF) as part of the $53B CHIPs Act on Friday. The amount is roughly $1.7B smaller than previously announced in April,

The U.S. Commerce Department said Friday that it awarded Samsung Electronics Co. up to US$4.745 billion in direct funding to support the South Korean tech giant's chipmaking investment in central Texas,