Biden Administration Pledges $6.6 Billion to Taiwanese Semiconductor Giant for Expansion

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. – The Biden administration pledged on Monday to provide up to $6.

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 Taiwanese Semiconductor Giant Expansion Arizona Production Hub

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