Investing.com-- Shares of Taiwan Semiconductor Manufacturing Co surged to a record high on Tuesday after the world’s largest contract chipmaker won a $6.6 billion subsidy from the U.S. government for a plant in Arizona.The U.S. Commerce Department said on Monday it will award TSMC a $6.6 billion subsidy for an advanced semiconductor plant in Phoenix, Arizona, and that the chipmaker was also eligible for up to $5 billion in low-cost loans.
But TSMC saw a swift reversal in fortunes in recent months, amid increasing interest in artificial intelligence. The firm’s most advanced chips play a key role in powering the processors used to run generative AI programs. The U.S. subsidy for TSMC also reflects increased efforts by the Biden administration to bring AI development closer to the U.S.
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