TSMC gets $17b in grants, loans for US chip plants

Washington | The US plans to award Taiwan Semiconductor Manufacturing $US6.6 billion ($10 billion) in grants and as much as $US5 billion in loans to help the world’s top chipmaker build factories in Arizona, expanding President Joe Biden’s effort to boost domestic production of critical technology.

Its shares rose as much as 3.7 per cent on Tuesday, notching their biggest gain in more than a month. Under the preliminary agreement announced by the US on Monday (Tuesday AEST), TSMC will construct a third factory in Phoenix, adding to two facilities in the state that are expected to begin production in 2025 and 2028.

Bloomberg