A Texas company is getting a big boost in federal funding just as President Joe Biden is prepared to leave the Oval Office. Texas Instruments announced it will receive $1.6 billion in CHIPS Act funding, according to the Dallas Morning News .
The Dallas semiconductor manufacturer, which is the largest maker of analog chips and embedded processors, is also expected to receive between $6 billion and $8 billion in U.S. Treasury tax credits and up to $10 million for workforce development. Texas Instruments plans to use the money to support three new semiconductor processing facilities through 2029—two in Sherman, Texas, and one in Lehi, Utah.
“The increasing number of electronic devices in our lives depend on our foundational chips, and we appreciate the support from the U.S. government to make the semiconductor ecosystem stronger and more resilient,” Texas Instruments President and CEO Haviv Ilan said in a statement …