Apple to build chips in US for the first time in a decade at TSMC's plant

$Apple(AAPL)$  will build computer chips in the US for the first time in nearly a decade, the company's chief executive Tim Cook confirmed on Tuesday.

Mr Cook was speaking in Phoenix, Arizona, alongside US President Joe Biden and other executives at the site of a future $Taiwan Semiconductor Manufacturing(TSM)$  Company plant.

TSMC already produces chips for Apple, but Mr Cook said the two companies will expand their relationship when the plant opens in 2024.

"As many of you know, we work with TSMC to manufacture the chips that help power our products all over the world," Mr Cook said.

"And we look forward to expanding this work in the years to come — as TSMC forms new and deeper roots in America."

Mr Cook said the Phoenix plant will produce the chips found in many of Apple's devices.

Another plant will open in 2026. TSMC said it was more than tripling its planned investment in the factories to $40 billion.

Nvidia and Advanced Micro Devices said they also expected their chips to be manufactured at the new plants.

Mr Biden toured one of the plants on Tuesday.

Biden administration officials said the plants and other new factories would be advantageous for the US military and economy as competition with China ratchets up.