Benzinga | Aug 24, 2021 06:08AM EDT

Samsung Beats TSM, Intel With Latest Move - Read How?

* Bloomberg reports that the Samsung Group launched a 240 trillion won ($205 billion) expansion initiative to hire 40,000 people to expand its next-generation technologies lead over three years.

* The announcement follows Samsung leader Jay Y. Lee's release on parole. Lee faced imprisonment for the second time for bribing to win support for his formal succession at the conglomerate.

* Samsung Electronics Co Ltd (OTC:SSNLF) and Samsung Biologics will drive research and spending in telecommunications, robotics, and corporate acquisitions.

* Samsung earmarked 180 trillion won for South Korea and will hire another 10,000 people over the period, in addition to the 30,000 new jobs already planned.

* It also entails Samsung Electronics' $151 billion spendings through 2030 on advanced chipmaking when every country is ramping up its chip-building efforts to counter the global crisis.

* Taiwan Semiconductor Manufacturing Co Ltd (NYSE:TSM) had committed $100 billion over the next three years on advanced chips.

* Intel Corp (NASDAQ:INTC) is in talks to buy chipmaker GlobalFoundries for $30 billion and had already committed $20 billion to drive U.S.' self-sufficiency in chip building.

* Price Action: TSM shares traded higher by 0.96% at $112.03 in the premarket session on the last check Tuesday.