08:19 AM EDT, 04/05/2024 (MT Newswires) -- Korean electronics giant Samsung is planning to increase its semiconductor investment in Texas by more than two-fold to $44 billion, the Wall Street Journal reported on Friday, citing people familiar with the matter.

The investment will be concentrated in Taylor, Texas, where an event to announce the company's increased investment is expected to be held April 15, the report said.

Samsung said in November 2021 that it would invest $17 billion to build a semiconductor manufacturing facility in Taylor, Texas. The company said at the time that the facility will manufacture products for application in areas including mobile, 5G, high-performance computing, and artificial intelligence.

Representatives for Samsung did not immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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