U.S. Senator John Cornyn (R-TX) released a statement following the U.S. Department of Commerce's announcement of a non-binding preliminary memorandum of terms (PMT) with Texas Instruments (TI). The PMT could result in up to $1.6 billion in direct funding under the CHIPS and Science Act to help build two new semiconductor fabrication facilities in Sherman, Texas.
Sen. Cornyn emphasized the importance of investing in semiconductor manufacturing, stating, "By investing in semiconductor manufacturing, we are helping secure this vulnerable supply chain, boosting our national security and global competitiveness, and creating new jobs for Texans." He added that the funding would enable Texas Instruments to advance U.S. leadership in the semiconductor industry.
The CHIPS and Science Act, which includes $52 billion in financial assistance, aims to expand domestic semiconductor facilities, research and development, workforce expansion, and Department of Defense support. The act builds on Sen. Cornyn's Creating Helpful Incentives to Produce Semiconductors (CHIPS) for America Act, which became law in 2021.
Texas Instruments' new 300-mm wafer fabs in Sherman, supported by this award, will complement its existing fabs in Richardson. Additionally, the funding will support a new fab in Lehi, Utah. In February, Sen. Cornyn visited Sherman to tour one of TI’s fabs under construction and discuss local economic and workforce development.
In June 2023, Texas Governor Greg Abbott signed the Texas CHIPS Act into law, which works alongside federal legislation to maintain and expand Texas' role in the semiconductor industry.