U.S. Department of Commerce and Texas Instruments sign preliminary agreement to provide funding under CHIPS Act

The U.S. Department of Commerce announced on August 16 that it had signed a preliminary agreement with Texas Instruments to provide it with a $1.6 billion grant and a $3 billion loan in accordance with the CHIP Act. These funds will be used to support the construction of new factories in Utah and Texas. It was revealed that Texas Instruments plans to invest a total of approximately $40 billion in these two states, including two additional factories in Sherman, Texas. The U.S. Department of Commerce said that this funding will drive Texas Instruments to invest more than $18 billion by 2030 to build three new facilities. These facilities in Texas and Utah are expected to create more than 2,000 manufacturing jobs.