U.S. offers TSMC up to $6.6 billion for Arizona factories as Biden pushes for chip security
Summary
U.S. Secretary of Commerce Gina Raimondo testifies during the House Science, Space and Technology Committee hearing titled "Chips on the Table: A one year review of the CHIPS and Science Act," in the Rayburn Building in Washington, D.C., on Sept. 19, 2023. TSMC s Arizona subsidiary is set to receive up to $6.6 billion in U.S. government funding under a preliminary agreement announced by the Joe Biden administration on Monday. The funding, under the US CHIPS and Science Act, will support TSMCs more than $65 billion investment in three cutting-edge fabrication plants in Phoenix, Arizona, according to the nonbinding agreement. The Taiwanese multinational semiconductor company is also eligible for around $5 billion in proposed loans under the CHIPS Act. The CHIPS Act, passed in August 2022, is an almost $53 billion package aimed at building the U.S. domestic chip industry to boost the countrys economy and better compete with rivals such as China for national security purposes.