S&P 500 SPDR ETF (ETF: SPY) – Samsung plans to spend up to $ 17 billion on US chip factory: WSJ

Samsung plans to invest around $ 17 billion to build a chip manufacturing plant in the United States, the Wall Street Journal reported.

What happenedThe South Korean giant is seeking locations in New York, Texas and Arizona, people familiar with the matter told WSJ.

Samsung’s plan is to open the plant by October 2022 and hire up to 1,900 people.

Why is this important: The expansion plans come after U.S. lawmakers proposed allocating billions of dollars to develop the nation’s chipmaking industry after the pandemic showed how dependent it is on supply chains at home. foreigner, noted the WSJ.

With the rise of the semiconductor industry in Asia, the share of American companies has fallen to 12% in recent years, according to a study by the Boston Consulting Group.