A chip plant that South Korea's Samsung Electronics Co Ltd is building in Taylor, Texas, will cost the world's biggest memory chipmaker over $25 billion, up more than $8 billion from initial forecasts, according to two people familiar with the matter.
A view shows Samsung Electronics' chip production plant at Pyeongtaek, South Korea, in this handout picture obtained by Reuters on September 7, 2022. Samsung Electronics/Handout via REUTERSis building in Taylor, Texas, will cost the world's biggest memory chipmaker over $25 billion, up more than $8 billion from initial forecasts, according to two people familiar with the matter.
The increase in cost is primarily due to inflation, the people said, declining to be named because the information was not public. "The higher construction cost is about 80% of the cost increase," one of the sources said. "The materials have gotten more expensive," the source added.in grants from the Biden administration thanks to the CHIPS Act, aimed at ramping up chip production in the United States. But increasing costs raise questions about how far those dollars will go. The bill was proposed in 2020, before a historic run-up in inflation that U.S. officials are still working to tame.
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