- South Korea's SK Hynix Inc (OTC: HXSCL) targeted a U.S. site for its advanced chip packaging plant and break ground there around the first quarter of 2023, Reuters reports.
- The plant, worth "several billions," would ramp up to mass production by 2025-2026 and employ 1,000 workers.
- The plant will likely be near a university with engineering talent.
- SK Group, South Korea's second-biggest conglomerate, owner of SK Hynix, announced the new plant in July as part of a $22 billion U.S.-based investment package in semiconductors, green energy, and bioscience projects.
- It looked to allocate $15 billion to the semiconductor industry through research and development programs, materials, and the creation of an advanced packaging and testing facility.
- The U.S.'s CHIPS and Science Act of 2022 aim to spend $52.7 billion to drive industry resilience against China.
- Taiwan Semiconductor Manufacturing Company Ltd (NYSE: TSM), Intel Corp (NASDAQ: INTC), and Samsung Electronics Co, Ltd (OTC: SSNLF) are the front-runners for the U.S. grant as they are amid massive expansion plans in the country.
