Samsung Electronics (OTCPK:SSNLF) reportedly plans to boost its semiconductor investments in Texas to bolster its resurgence in the U.S. chip space.
The South Korean memory chip maker plans to more than double its total semiconductor investment in Texas to about $44 billion. Wall Street Journal he reported Friday, citing people familiar with the matter.
The increased investment will be concentrated in the city of Taylor, where the company is building a semiconductor hub near its existing operations, the sources said. Samsung now plans to add a second semiconductor factory and a facility for advanced packaging and research and development.
The report comes as the electronics company released a bumper forecast for the first quarter of 2024, predicting a huge 931% jump in quarterly profit, driven by a recovery in semiconductor prices and rising demand for technology. artificial intelligence.
Consolidated operating profit is estimated to have risen to about 6.6 trillion Korean won ($4.8 billion) in the January-March quarter from 0.64 trillion won a year ago. Consolidated sales likely rose 11.4% from the same period a year ago to about 71 trillion won, Samsung said.