President Joe Biden on Tuesday afternoon is slated to talk up Taiwan Semiconductor Manufacturing's plan to raise its investment in Arizona manufacturing to $40 billion from $12 billion.
President Joe Biden on Tuesday afternoon is slated to talk up Taiwan Semiconductor Manufacturing Co.’s plan to raise its investment in Arizona manufacturing to $40 billion from $12 billion.
TSMC TSM, -1.86% 2330, -2.25%, which already was in the process of spending $12 billion to build a factory in north 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.
A range of VIPs are expected to be in attendance, including TSMC founder Morris Chang, Apple AAPL, -1.77% CEO Tim Cook, Micron MU, -0.43% CEO Sanjay Mehrotra, NVIDIA NVDA, -3.26% CEO Jensen Huang, Arizona Republican Gov. Doug Ducey and Democratic Governor-elect Katie Hobbs.U.S. stocks DJIA, -0.92% COMP, -1.74% traded lower Tuesday, putting the S&P 500 SPX, -1.34% down by 16% in the year to date.
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