TSMC triples Arizona chip plant investment, Biden hails project

 

By Steve Holland and Jane Lanhee Lee

PHOENIX, Ariz., Dec 6 (Reuters) - Taiwanese chipmaker TSMC (2330.TW) on Tuesday said it would more than triple its planned investment at its new Arizona plant to $40 billion, among the largest foreign investments in U.S. history, as President Joe Biden visited and hailed the project.

The expanded investment is a big win for Biden after supply chain issues disrupted the U.S. economy early in his presidency.

Biden's recent trip to Asia convinced him the United States is in a better position to lead the world economy in the years ahead "if we keep our focus," he said.

Mark Liu, chairman of Taiwan Semiconductor Manufacturing Co Ltd, known as TSMC, estimated annual revenue of $10 billion when the two planned chip fabrication plants open, adding that customers would have annual sales of $40 billion from products using chips made there.

https://www.reuters.com/technology/biden-visit-taiwans-tsmc-chip-plant-arizona-hail-supply-chain-fixes-2022-12-06/