The CHIPS Act delivers as Texas Instruments gets a major funding boost to build new chip manufacturing facilities in the U.S.
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| The U.S. government's efforts to boost domestic chip production pay off as Texas Instruments announces major expansion plans. |
Dallas, Texas, USA, August 16, 2024:
Texas Instruments (TI) announced on Friday that it will receive a significant boost from the U.S. government to support its domestic chip manufacturing operations. The company is set to receive up to $1.6 billion in direct funding from the Commerce Department through the CHIPS and Science Act.
In addition to the direct funding, TI expects to receive an investment tax credit of between $6 billion and $8 billion from the Treasury Department. This substantial financial support will be used to facilitate the construction of three new manufacturing facilities in Texas and Utah.
The expansion is expected to create more than 2,000 new jobs within the company. This investment aligns with the U.S. government’s efforts to bolster domestic semiconductor production and reduce reliance on foreign chip supplies.
TI’s announcement underscores the growing momentum in the U.S. chip industry as companies capitalize on government incentives to expand their manufacturing footprint within the country.