Texas Instruments up on $1.6 bln CHIPS Act funding

Investing.com -- Shares of Texas Instruments (NASDAQ:TXN ) rose on Friday after the semiconductor company signed a non-binding preliminary memorandum of terms with the U.S. Department of Commerce. 

At 5:33 am (0933 GMT), Texas Instruments was trading 1.4% higher in pre-open trade. 

The agreement outlines up to $1.6 billion in proposed direct funding under the CHIPS and Science Act to support the construction of three 300mm semiconductor wafer fabs in Texas and Utah.

In addition to the CHIPS Act funding, Texas Instruments is poised to receive an estimated $6 billion to $8 billion in investment tax credits from the U.S. Department of Treasury for qualified manufacturing investments. 

"Our investments further strengthen our competitive advantage in manufacturing and technology as we expand our 300mm manufacturing operations in the U.S. With plans to grow our internal manufacturing to more than 95% by 2030, we're building geopolitically dependable, 300mm capacity at scale to provide the analog and embedded processing chips our customers will need for years to come,” said Haviv Ilan, chief executive and president of Texas Instruments. 

 

Source: Investing.com