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TSMC stock jumped on Monday after a nearly $12 billion deal with the United States to boost chip manufacturing.
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TSMC is scheduled to receive up to $6.6 billion in grants and $5 billion in direct funding under the CHIPS and Science Act.
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TSMC's $65 billion investment represents the largest foreign direct investment in Arizona and the largest greenfield project in U.S. history.
Shares of the Taiwanese semiconductor maker rose as much as 3.2% on Monday as President Joe Biden's administration approved nearly $12 billion in grants and loans to the world's leading semiconductor company to boost its U.S. manufacturing operations.
TSMC stock It traded at an intraday high of $145.92 per share at about 10:30 a.m. ET, paring gains to about $143 shortly after 1 p.m.
The deal allows the Taiwanese chip company to receive up to $6.6 billion in grants and $5 billion in direct funding from the Biden administration as part of Chips Law and Science Which was passed in 2022.
in press releaseTSMC has revealed plans to establish a third production facility at its planned site in Phoenix by 2028 to meet growing demand for semiconductors in the United States. With an investment of more than $65 billion, the plan represents the largest foreign direct investment in Arizona and the largest new project in U.S. history.
In a separate statement on MondayThe US Commerce Department said the chip manufacturing facilities in Arizona will power major technology companies such as AMD, Apple, Nvidia and Qualcomm.
In addition to the two previous facilities that are on track to begin production, the three plants are slated to add 6,000 high-tech jobs and 20,000 construction jobs, the Commerce Department said.
“TSMC’s renewed commitment to America and its investment in Arizona represent the broader story of made-in-America semiconductor manufacturing and the strong support of America’s leading technology companies to build the products we depend on every day,” President Biden said in a statement. Release.
The cooperation with Taiwan's largest chipmaker advances the US goal of producing 20% of the world's leading chips by 2030 and reducing reliance on high-tech manufacturing in China as tensions between the great powers rise.
Last Wednesday, a strong 7.4-magnitude earthquake temporarily shook the eastern coast of Taiwan Cessation of operations of TMSC On some sites.
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