The Biden administration has committed to providing $6.6 billion to Taiwan Semiconductor Manufacturing Co. (TSMC) to expand its facilities in Arizona and enable domestic production of the world's most advanced chips.
FILE - A person walks into the Taiwan Semiconductor Manufacturing Co. , headquarters in Hsinchu, Taiwan on Oct. 20, 2021. The Biden administration pledged Monday, April 8, 2024, to provide up to $6.6 billion so that a Taiwanese microchip giant can expand the facilities it is already building in Arizona and ensure that the world most- advanced chips are produced domestically for the first time. FILE - Commerce Secretary Gina Raimondo attends an event in Bangkok, Thailand, March 13, 2024.
“Semiconductors – those tiny chips smaller than the tip of your finger – power everything from smartphones to cars to satellites and weapons systems,” Biden said in a statement. “TSMC’s renewed commitment to the United States, and its investment in Arizona represent a broader story for semiconductor manufacturing that’s made in America and with the strong support of America’s leading technology firms to build the products we rely on every day.
It began construction of its first facility in Phoenix in 2021, and started work on a second hub last year, with the company increasing its total investment in both projects to $40 billion. The third facility should be producing microchips by the end of the decade and will see the company’s commitment increase to a total of $65 billion, Raimondo said.
The potential incentives announced Monday include $50 million to help train the workforce in Arizona to be better equipped to work in the new facilities. Additionally, approximately $5 billion of proposed loans would be available through the CHIPS and Science Act.
Biden Administration Taiwan Semiconductor Manufacturing Co. TSMC Microchip Giant Domestic Chip Production Arizona Advanced Chips
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Biden Administration Pledges $6.6 Billion to Taiwanese Semiconductor Giant for ExpansionThe Biden administration has committed to providing $6.6 billion to a Taiwanese semiconductor company to support its expansion plans in Arizona and establish a new production hub.
Read more »
Biden Administration to Cancel $6 Billion in Student Loans for Public Service WorkersThe Biden administration announced that 78,000 public service workers will have nearly $6 billion in student loans canceled through the Public Service Loan Forgiveness. The Education Department is canceling the borrowers' loans because they 'have dedicated their careers to serving their communities, but because of past administrative failures, never got the relief they were entitled to under the law.'
Read more »
Biden administration to forgive $5.8 billion in student debt for nearly 78,000 borrowersThe Biden administration announced it would forgive $5.8 billion in student debt for 77,700 borrowers through the Public Service Loan Forgiveness program.
Read more »
Biden administration to provide Intel with $8.5 billion in funding for chip plantsThe Biden administration has reached an agreement to provide Intel with up to $8.5 billion in direct funding and $11 billion in loans for computer chip plants in four states, a cash infusion that the government says should help the U.S. boost its global share of advanced chip production from zero to 20%.
Read more »
Biden administration to invest $8.5 billion in Intel's computer chip plants in four statesThe funding will go to computer chip plants in Arizona, Ohio, New Mexico and Oregon, and help support 30,000 new jobs.
Read more »
Biden administration investing $8.5 billion in Intel's computer chip plants in Ohio, 3 other statesThe first of at least two dozen “super loads” is scheduled to hit the road Wednesday morning.
Read more »