President Joe Biden is scheduled to travel to the TSMC (2330.TW) factory in Arizona as the Taiwan-based manufacturer of semiconductors prepares to increase its projected investment in the facility by more than three times to $40 billion, making it one of the biggest foreign investments in American history, Reuters informs.
The investment is a significant victory for Biden as early in his term, supply-chain problems caused the US economy to suffer, The Wall Street Journal reports.
“Joining Biden for his visit to Taiwan Semiconductor Manufacturing Co Ltd’s facility in Phoenix to promote efforts to boost U.S. technology manufacturing will be Apple CEO Tim Cook, TSMC founder Morris Chang, and the heads of chipmakers Micron, Sanjay Mehrotra, and NVIDIA founder and CEO Jensen Huang, among others,” Reuters reports citing the White House.
Additionally, TSMC will reveal plans to construct a second factory in Arizona for the production of 3-nanometer chips by 2026. According to White House representatives, those chips are the most cutting-edge semiconductors on the market right now, The Hill reports.
The biggest contract chip manufacturer in the world, TSMC, is headquartered in Taiwan and is a major supplier to Apple.
The business is currently establishing a facility in Phoenix where 5-nanometer chips will be produced beginning in 2024.
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