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View all search resultsTSMC triples Arizona chip plant investment
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T
aiwanese chipmaker Taiwan Semiconductor Manufacturing Company Ltd. (TSMC) said on Tuesday that it would more than triple its planned investment at its new Arizona plant to US$40 billion, among the largest foreign investments in United States 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 US economy early in his presidency.
"American manufacturing is back, folks," Biden said in a speech against the backdrop of the new factory draped with an American flag and a large banner reading "A Future Made in America, Phoenix, AZ".
Biden's recent trip to Asia had convinced him that the US was in a better position to lead the world economy in the years ahead "if we keep our focus", he said.
Mark Liu, chairman of TSMC, estimated annual revenue of $10 billion when the two planned chip fabrication plants opened, adding that customers would have annual sales of $40 billion from products using chips made there.
Apple Inc., Nvidia Corp. and Advanced Micro Devices Inc., all major TSMC customers, said they expected their chips to be made in the new plants.
"We work with TSMC to manufacture the chips that help power our products all over the world. And we look forward to expanding this work in the years to come as TSMC forms new and deeper roots in America," Apple chief executive officer Tim Cook said in a speech.
