In 2022, President Biden signed into law the $53 billion Chips and Science Act, with the goal of improving production of advanced computer chips in the US. This week, the Biden administration is making good on that commitment with a $6.4 billion funding to Samsung, to jointly develop an advanced chips facility in Texas, a project valued at $40 billion. In a statement, the president said "Now, nearly two years later, I'm pleased to announce a preliminary agreement between Samsung and the Department of Commerce to bring Samsung's advanced semiconductor manufacturing and research and development to Texas." The factories will be located in Taylor, Texas and will produce four nanometer and two nanometer chips. Production will begin 2026 and 2027 respectively.