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Biden Administration Pledges Up to $6.6 Billion to Boost TSMC's Semiconductor Production in Arizona

Under a preliminary deal announced by the Biden administration on Monday, the Arizona branch of TSMC is poised to receive as much as $6.6 billion from the U.S. government. This financial support, provided through the U.S. CHIPS and Science Act, aims to bolster Taiwan Semiconductor Manufacturing Co.'s ambitious endeavor, exceeding $65 billion, to establish three state-of-the-art chip fabrication facilities in Phoenix. This arrangement is yet to be finalized.


In addition, the company might access approximately $5 billion in loans proposed under the same Act, illustrating the U.S. government's commitment to revitalizing its semiconductor production capabilities.


During a press conference, U.S. Commerce Secretary Gina Raimondo described this agreement as monumental, emphasizing that it would lead to the production of the world’s most sophisticated semiconductors on American ground. Raimondo highlighted that part of the investment includes $50 million dedicated to training and nurturing local talents in Arizona. TSMC's Arizona expansion has already generated over 25,000 jobs and has drawn 14 semiconductor suppliers to the state, marking a significant economic impact.


The CHIPS Act, ratified in August 2022, represents a nearly $53 billion initiative designed to reinforce the U.S. semiconductor industry. This move aims to enhance the nation's economic performance and its competitive stance against global rivals, notably China, particularly in fields critical to national security. The Act discourages semiconductor manufacturers benefiting from it from expanding specific operations in China and other nations considered security threats.


Secretary Raimondo praised TSMC's Arizona venture as the largest foreign investment in the state, underscoring the Biden administration and U.S. Congress's leadership in semiconductor innovation. TSMC, a leading entity in the semiconductor manufacturing sector, produces a significant portion of the world’s most advanced logic chips. These chips are crucial for next-gen technologies like artificial intelligence, with TSMC's Arizona facilities expected to supply significant clients including Apple and AMD.


The CHIPS Act has also facilitated funding for other major companies in the sector, such as GlobalFoundries, Microchip, BAE Systems, and Intel. Intel recently received up to $8.5 billion in indirect funding and up to $11 billion in loan offers, indicating the extensive scope of the U.S. government's investment in domestic chip manufacturing.

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