Biden unveils $6.6bn for Taiwan’s TSMC to ramp up US chip production
Al Jazeera
Taiwanese chip giant will build third facility in Arizona as part of $65bn investment in the US.
The United States has pledged to give Taiwan’s chip giant TSMC up to $6.6bn to expand production at facilities it is building in the state of Arizona.
The funding announced on Monday will support TSMC building a third semiconductor factory in Arizona, in addition to two facilities already in the pipeline, US officials said.
TSMC’s total investments in the US will rise to $65bn under the agreement, according to US officials.
The deal is the latest effort by US President Joe Biden’s administration to encourage domestic production of advanced chips that will power cutting-edge industries such as artificial intelligence.
The funding is tied to the CHIPS and Science Act, signed by Biden in 2022, which aims to reinvigorate the US semiconductor industry by offering large subsidies to lure private investment.
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