Skip Header
Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

Samsung in line to secure $6bn in US government grants

(Sharecast News) - Electronics giant Samsung will unveil a $44.0bn White House programme aimed at bringing semiconductor production back to America as soon as next week, with the memory chip maker in line to secure up to $6.0bn in government grants. Samsung intends to provide further details on the project in Taylor, Texas, alongside US commerce secretary Gina Raimondo, according to Bloomberg.

The South Korean company has locked in more than $6.0bn of government grants, however the timing and details of the announcement were still said to be in flux ahead of the announcement, Bloomberg sources said.

The broader programme also reflects an effort by the Biden administration to counter the technological rise of China, which has been ramping up its own domestic semiconductor industry.

The 2022 Chips and Science Act, which set aside $39.0bn in grants plus $75.0bn in loans and guarantees, has resulted in more than $200.0bn in private semiconductor investments, with Intel snatching nearly $20.0bn in grants and loans, and Taiwan Semiconductor Manufacturing, the primary chipmaker for Nvidia and Apple, nabbing a further $11.6bn.

Samsung's announcement will kick off about a 30-day due diligence period, during which Samsung and the Commerce Department will hammer out the final terms of the agreement.

As of 0935 BST, Samsung's US-listed shares were down 1.21% at $1,514.00 each.

Reporting by Iain Gilbert at Sharecast.com

Share this article

Related Sharecast Articles

Judges Scientific reports subdued start to year
(Sharecast News) - Scientific instrument specialist Judges Scientific reported a subdued start to the year in an update on Tuesday, but said it was optimistic that it would still meet full-year consensus expectations.
Pennon reports revenue growth amid Brixham water crisis
(Sharecast News) - Embattled water utility Pennon Group reported strong financial and operational results for the 2024 financial year on Tuesday, but worked to reassure shareholders and customers amid a contamination crisis in its supply area.
Fresnillo optimistic despite 'challenging environment'
(Sharecast News) - Fresnillo reported increased silver production and gold output in line with guidance in an update on Tuesday, despite the nearing end of the Noche Buena mine, although its gross profit took a hit in 2023.
Greencore shares surge on bright outlook, share buyback
(Sharecast News) - Greencore Group's share price surged on Tuesday morning after the convenience food manufacturer reported a huge jump in first-half profits and launched a share buyback programme as it guided to full-year earnings ahead of market forecasts.

Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

Award-winning online share dealing

Search, compare and select from thousands of shares.

Expert insights into investing your money

Our team of experts explore the world of share dealing.