TSMC to receive $6.6B in grants from Biden administration
Summary
Shares of Taiwan Semiconductor Manufacturing Company (TSM) commonly referred to as TSMC are moving higher after the Biden administration announced it will give $6.6 billion in federal grants to the chip maker, as the company adds another $25 billion to its planned investment into the state of Arizona, totaling up to $65 billion in investments into domestic chip operations.Yahoo Finance Anchors Seana Smith and Jared Blikre break down the latest development for the company in the AI chip space.For more expert insight and the latest market action, click here to watch this full episode of Morning Brief.Editors note: This article was written by Nicholas JacobinoSEANA SMITH: Shares of Taiwan Semiconductor are moving higher after the Biden administration announcing that the chip maker is going to receive up to $6.6 billion in federal grants as it gears up for a $25 billion expansion in the state of Arizona. And now that third a chip factory to the manufacturing complex, it started building a couple of years ago back in 2021. Obviously, a massive priority here for the Biden administration.JARED BLIKRE: Yes, its all about whats being fabricated domestically, and were talking three huge plants in Arizona. So were talking about $11.6 billion to this one company, and just the scale of this is really impressive.If we can go to the YFi interactive just real quickly here, heres a heat map as were looking at the semiconductor space today. And if we by performance, you can see the huge outperformance by names like Nvidia Supermicro, thats number one at 228%.