World-renowned technology company Samsung Electronics is reportedly planning to fork out $17 billion into a chip-making plant. Samsung is believed to be considering Austin in United States of America as a possible location for the plant.
According to CNBC, the South Korean tech giant said in its filings that if Austin is selected, the company would break ground on the site in the second quarter of this year and that the plant will become operational in the third quarter of 2023.
Although the company may be considering the state capital of Texas as one of the sites for a new $17 billion chip plant, it said this project is highly competitive, and the company is still looking at alternative sites in the US including Arizona and New York, as well as abroad in South Korea.
The company said in the documents that it is taking into account access to talent, chip ecosystem and speed in its evaluation of the sites.
The project would involve building out 7 million square feet (approximately 650 000 square metres) of new space on a 640-acre (259-hectare) site that the company already owns.
Samsung's filing said it plans to make advanced logic devices, meaning it would aim to make the smallest, fastest kinds of computing chips for customers.
The company has an existing chip plant in Austin that makes computing chips. Samsung's American customers for its contract manufacturing chip business include Tesla, Qualcomm and Nvidia.