WASHINGTON (Pakistan Point News / Sputnik - 07th December, 2022) Taiwanese semiconductor manufacturing firm TSMC said in a press release it tripled its investment in chip production in the state of Arizona to $40 billion.
"TSMC today announced that in addition to TSMC Arizona's first fab, which is scheduled to begin production of N4 process technology in 2024, TSMC has also started the construction of a second fab which is scheduled to begin production of 3nm process technology in 2026," the company said on Tuesday. "The overall investment for these two fabs will be approximately US$40 billion."
The two semiconductor fabs will manufacture over 600,000 wafers per year, with estimated end-product value of more than $40 billion.
Earlier this year, US President Joe Biden signed legislation which included $52 billion in subsidies for domestic semiconductor manufacturers that the White House said would create at least 40,000 jobs in the United States.
Biden earlier on Tuesday toured the TSMC facility in Arizona and held a presser alongside several local lawmakers and the city's mayor.