: Biden touts TSMC’s ramped-up investment in Arizona chip manufacturing: ‘It could be a game changer’

by | Dec 6, 2022 | Stock Market

President Joe Biden on Tuesday talked up Taiwan Semiconductor Manufacturing Co.’s plan to raise its investment in Arizona manufacturing to $40 billion from $12 billion. Biden noted that Apple
is a major TSMC customer, and that Tim Cook, the iPhone maker’s CEO, was in attendance.

“Apple had to buy all the advanced chips from overseas. Now they’re going to bring more of their supply chain here home. It could be a game changer,” the president said, as he delivered a speech at a TSMC facility in Phoenix. TSMC
which already was in the process of spending $12 billion to build a factory in Phoenix, announced Tuesday morning that it’s constructing a second facility that’s scheduled to come on line in 2026. “The overall investment for these two fabs will be approximately US$40 billion, representing the largest foreign direct investment in Arizona history and one of the largest foreign direct investments in the history of the United States,” said TSMC, the world’s largest contract manufacturer of chips, in a news release. Ahead of Biden’s speech, the White House said he would “discuss how TSMC’s new investments in Phoenix are a result of his economic plan — including the CHIPS and Science Act, and his commitment to addressing the economic and national security concerns of not producing lead-edge semiconductors in the U.S.” A range of VIPs were expected to be in attendance, including TSMC founder Morris Chang, Micron

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