Texas Instruments Gets Massive Boost with Biden's CHIPS Act Funding

Texas Instruments has just received a whooping sum of around $2 billion from the federal CHIPS Act. The funding will go towards building three new factories in Sherman, Texas, and Lehi, Utah. This project is expected to create about 2, 000 new jobs. Apart from this, the company anticipates getting additional funds worth $6-8 billion in tax credits and up to $10 million for workforce development. All of this funding is aimed at making the semiconductor industry in the U. S. more robust and self-sufficient. The CHIPS Act was signed by President Biden in 2022. It provides tens of billions in funding to boost the semiconductor industry through various means like grants, loans, tax credits, and guarantees. Texas Instruments is one of the beneficiaries of this Act, receiving a significant amount to support its ambitious plans. The U. S. Department of Commerce has stated that the funding will be released based on TI's progress in meeting project milestones. Semiconductors play a crucial role in our daily electronic devices. They have also become a matter of national security. The increased production in Texas is making it a hub for semiconductor manufacturing, attracting substantial government funding. This funding is part of a wider effort to bolster several companies in North Texas and promote job creation and economic growth in the state. U. S. Secretary of Commerce Gina Raimondo emphasized the importance of this investment. She stated that shortages in semiconductor supply have been a significant factor in supply chain disruptions during the pandemic, impacting both innovation and national security. By investing in Texas Instruments, the government is not only strengthening the economy but also enhancing the country's security and creating thousands of jobs.