US Commerce Secretary Gina Raimondo is signing a $6.3 billion check to South Korean chaebol Samsung to finance their computer chip fabs in Texas. It's not a loan. It's a grant.
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koreatimes.co.kr
According to Big News Network: " "To meet the expected surge in demand from U.S. customers for future products like AI chips, our fabs will be equipped for cutting-edge process technologies and help bring security to the U.S. semiconductor supply chain," said Samsung Electronics Co-CEO Kyung Kye Hyun.
OK, Samsung has demand from US customers for consumer products such as smart phones. The number of US customers for 4 nano and 2 nano chips intended for use in AI applications is very much less. It would probably be unreasonable to expect those customers and Samsung itself to finance the development of fabs for a new product line. The real question is: "How do we know, in this supposed democracy, that such a thing as commercial artificial intelligence is desirable"?
Is it the business of a small number of elected officials and unelected bureaucrats to decide that the wealth of the population should be showered on the development and production of products that practically no one can describe or define the use of?
An advantage of paying the South Korean company and others to make their products in Texas, Arizona, New Mexico, Ohio, etc. is to create supply lines that can't be interrupted by the Chinese. The Chinese, aren't they the same people that Janet Yellen is castigating for using unfair subsidies to produce the exports that are destroying other economies? OK, no chips from the new plants being financed by the US taxpayer will ever be used in products that will be exported, right?
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