Taiwan Semiconductor Manufacturing Co., which is developing a $12B chip-making plant near Phoenix, will triple its investment plant to $40B with the addition of another facility on the site.
The company will make the announcement of the second facility on Tuesday during a site visit by President Joe Biden. Apple CEO Tim Cook and TSMC founder Morris Chang will also attend the event, which will mark the symbolic first moving of equipment on the project.
The president is expected to tout his administration’s efforts to increase U.S. production of semiconductors after pandemic-inspired supply chain problems resulted in shortages of chips for vehicles and other goods, Reuters reports.
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