Texas Instruments to receive $1.6 billion US funding
Under the CHIPS Act, Texas Instruments will receive significant funding for new facilities.
Chipmaker giant, Texas Instruments, has been awarded up to $1.6 billion in funding from the US Commerce Department to support the construction of three new semiconductor factories. This financial boost, part of the CHIPS and Science Act, will enable the company to build two facilities in Texas and one in Utah.
The investment is set to create approximately 2,000 new jobs and will be complemented by an additional $6 billion to $8 billion in tax credits and $10 million for workforce development.
The move aligns with the Biden Administration’s broader strategy to enhance domestic semiconductor production. With a commitment of $18 billion through 2029, Texas Instruments plans to increase its internal manufacturing capacity to over 95% by 2030. However, new facilities will produce critical analog and embedded processing chips, essential for various technologies, from smartphones to vehicles.
Apart from that, The CHIPS Act, passed in 2022, aims to boost US semiconductor manufacturing with a total of $52.7 billion in funding. This includes significant subsidies for production and research and development. The funding for Texas Instruments follows similar substantial awards to other major chipmakers, such as Intel and Micron Technology, further underscoring the US government’s commitment to strengthening the semiconductor supply chain.
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