Biden locks in $6.6B for TSMC chip factories, ensuring Trump can’t rescind CHIPS Act deal
Taiwan Semiconductor Manufacturing Company plans to invest over $65 billion to build three factories in Phoenix. Photo courtesy of city of Phoenix
WASHINGTON – The Biden administration has finalized a $6.6 billion award for the Taiwan semiconductor giant that is building massive factories in Phoenix, amid concerns President-elect Donald Trump will derail subsidies aimed at fostering the domestic chip industry.
“This is a gigantic announcement,” Secretary of Commerce Gina Raimondo told reporters on a call ahead of the announcement early Friday, 10 days after Trump’s election.
“This will be one of the most important investments that we make as a country to advance our economic and national security,” she said.
The Taiwan Semiconductor Manufacturing Company plans to invest $65 billion on three state-of-the-art fabrication plants, or fabs, that mean thousands of jobs in Arizona.
Semiconductors are used in chips that make computers work, along with cell phones, fighter jets, self-driving cars, artificial intelligence and even ovens.
