US administration approves $1.6bn funding for Texas Instruments' semiconductor plants under the CHIPS Act, aiming to reduce dependency on China.

US administration to grant Texas Instruments up to $1.6bn in funding for new semiconductor plants in Texas and Utah under the CHIPS and Science Act, 2022. This funding supports Texas Instruments' $18bn plan to build new facilities, creating over 2,000 jobs. The US aims to reduce dependency on China for older-generation semiconductors, addressing national security concerns and competition with Beijing. The $1.6bn will be supplemented by an estimated $6bn-$8bn from the U.S. Department of Treasury's Investment Tax Credit for eligible U.S. manufacturing investments. These investments will help Texas Instruments achieve over 95% in-house production capacity by 2030.

August 16, 2024
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