Biden gives TSMC over $6 billion for advanced chips in U.S.

The Biden administration announced plans to provide billions in funding to Taiwan Semiconductor Manufacturing Company to build cutting-edge chip factories in the U.S., a major development in its push to reshore advanced technology supply chains.

The Commerce Department said TSMC, which is based in Taiwan, will receive $6.6 billion in funding through the CHIPS and Science law to build three semiconductor manufacturing facilities in Arizona. Plans for two of the facilities had already been announced, but TSMC is also laying plans for a third to be completed by the end of the decade, officials said.

“For the first time ever, we will be making at scale the most advanced semiconductor chips on the planet here in the United States of America,” Commerce Secretary Gina Raimondo told reporters.