Bidenxa0to give Taiwan's TSMC $6.6 billion to ramp up US chip production

The US government is set to provide $6.6 billion to support the construction of three semiconductor chip factories in Arizona. This move is part of President Joe Biden’s efforts to secure the supply of advanced chips. Taiwan Semiconductor Manufacturing Company (TSMC), the world’s largest chip manufacturer, has signed an agreement with the US government for the funds, in addition to $5 billion in loans. The investment aims to address the decline in US chip production capabilities and reduce economic and national security vulnerabilities. TSMC’s investment in Arizona is expected to exceed $65 billion and create thousands of high-wage tech jobs. The initiative also aims to limit potential supply disruptions and strengthen the domestic chip supply chain.