As it increases its production in the US, Taiwanese chipmaker TSMC plans to invest an additional $100 billion (£74 billion) in Arizona. According to the Commerce Department, this move will generate tens of thousands of employment in the United States.
The announcement supports President Donald Trump’s efforts to attract more sophisticated manufacturing to the United States. TSMC produces the most cutting-edge semiconductors created by firms like Apple and Nvidia.
According to CEO CC Wei, the increase will probably result in the construction of four more plants in Arizona, bringing the company’s overall commitment to the US to $265 billion. The news coincided with the company’s disclosure of a 77% increase in net profits for the second quarter. Profit from April to June increased to $22 billion from $12.4 billion during the same period last year.
In recent years, memory chip manufacturers have experienced a surge in demand as their products power smart devices and AI data centers. TSMC is now the most valuable firm in Asia thanks to the high demand for its semiconductors. It is now valued at almost $2 trillion on the stock market after its share price increased by more than 55% this year.
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