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/

Biden to visit Taiwanese chip manufacturer TSMC's Arizona plant on Dec 6

 

By David Shepardson

 

U.S. President Joe Biden plans to travel to Taiwanese chip manufacturer TSMC's Arizona facility on Dec. 6 to promote the administration's push to boost U.S. semiconductor manufacturing, the White House said.

 

Taiwan Semiconductor Manufacturing Co Ltd (2330.TW), , a major supplier to Apple Inc (AAPL.O) and the world's largest contract chipmaker, is constructing a $12 billion plant in Phoenix, Arizona, Reuters reported last week. The company is holding a "tool-in" ceremony in Arizona on Dec. 6.

 

Both the United States and Europe are putting up billions of dollars in incentives to get companies to make chips closer to home, courting Taiwanese firms in particular.

 

In August, Biden signed legislation funding $52.7 billion for semiconductor chips manufacturing and research. The "Chips and Science" law also includes an investment tax credit for chip plants estimated to be worth $24 billion.

 

By subsidizing U.S. chip manufacturing and expanding research funding, the law aims to alleviate a persistent shortage that has affected everything from cars and weapons to washing machines and video games.

 

https://www.reuters.com/technology/biden-visit-taiwanese-chip-manufacturer-tsmcs-arizona-plant-dec-6-white-house-2022-11-30/