Summary

The Biden administration finalized a $6.6 billion award to Taiwan Semiconductor Manufacturing Company (TSMC) for its Arizona chip factories, securing CHIPS Act funding before President-elect Trump takes office.

TSMC plans to invest $65 billion in three Phoenix fabs, creating thousands of jobs and bolstering U.S. semiconductor production.

The funds, part of the $52.7 billion CHIPS Act, aim to reduce U.S. reliance on foreign-made chips.

Despite Trump’s criticism of the subsidies, the agreement is legally binding, ensuring continued progress on the largest foreign investment in U.S. manufacturing history.