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Well, sort of. Only about $20 billion of that is direct South Korean public spending, with the remainder coming from regional governments and private investment.
The government will also help fast-track approvals to bring construction plans forward by as much as twelve years.
The article notes that this is marketing nonsense - well, the part you can read doesn't, but it's there in the details that you can't read - with actual feature sizes in the 10-20nm range. Since a single silicon atom has a diameter of 0.2nm, you can rest assured they're not building circuits that size.
The 0.3nm instead refers to the effective density thanks to increased use of 3D production to stack transistors vertically.
Meta PC's Steamroller is a micro ATX system with a Ryzen 9600X and a Radeon 7600 - both a little faster than the components in the Steam Machine - 16GB of DDR5 RAM, 8GB of VRAM, and a 1TB SSD, for $1299.