Taiwan Semiconductor secures CHIPS Act funding for three Arizona plants

Dow Jones11-15 18:48

MW Taiwan Semiconductor secures CHIPS Act funding for three Arizona plants

By Steve Goldstein

Taiwan Semiconductor Manufacturing Co., a company integral to modern chipmaking, is being awarded up to $6.6 billion in CHIPS Act funding, the U.S. Commerce Department said Friday.

Besides the direct funding, Taiwan Semi also will be eligible for up to $5 billion of loans.

The award will support the company's planned investment of more than $65 billion in three greenfield leading-edge fabs in Phoenix, Ariz., and be disbursed based on the completion of project milestones.

Taiwan Semi stock $(TSM)$ edged higher in premarket trade. The contract manufacturer for companies including Nvidia has seen its stock climb 81% this year.

The government said it was the largest foreign direct investment in a greenfield project in U.S. history.

The first of the three facilities is set to open next year.

The three fabs are expected to manufacture tens of millions of logic chips that will power products like 5G/6G smartphones, autonomous vehicles, and high-performance computing and AI applications, the government said.

President-elect Donald Trump has criticized the CHIPS Act, which passed in 2022. Bloomberg News reported that several companies are rushing to complete deals before Trump takes office. House Speaker Mike Johnson told a reporter his party would look to repeal the law before backtracking on those comments.

-Steve Goldstein

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

November 15, 2024 05:48 ET (10:48 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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The contract manufacturer for companies including Nvidia has seen its stock climb 81% this year. \n\n\n     The government said it was the largest foreign direct investment in a greenfield project in U.S. history. \n\n\n     The first of the three facilities is set to open next year. \n\n\n     The three fabs are expected to manufacture tens of millions of logic chips that will power products like 5G/6G smartphones, autonomous vehicles, and high-performance computing and AI applications, the government said. \n\n\n     President-elect Donald Trump has criticized the CHIPS Act, which passed in 2022. Bloomberg News reported that several companies are rushing to complete deals before Trump takes office. House Speaker Mike Johnson told a reporter his party would look to repeal the law before backtracking on those comments. \n\n\n     -Steve Goldstein \n\n\n     This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal. \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  November 15, 2024 05:48 ET (10:48 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"2","news_tag":"Company Corporation","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2483745323"}