On Monday, Taiwan Semiconductor Manufacturing Co (NYSE:TSM) bagged the government’s approval for an additional $7.5 billion infusion into Taiwan Semiconductor Arizona unit, the Taipei Times cited the Department of Investment Review statement.
The capital injection follows a $5 billion investment for Taiwan Semiconductor Arizona approval in June.
Recently, the contract chipmaker denied reports claiming that its plans for new foreign investments were backed by subsidies from the United Arab Emirates (UAE).
Also Read: Microsoft’s AI Lead Shrinks: Analyst Downgrades Stock As Amazon And Google Close The Gap
Taiwan Semiconductor remains focused on its U.S. ambitions, bagging smartphone chip deals from Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) Google, and Apple Inc (NASDAQ:AAPL) as per recent reports.
Taiwan Semiconductor’s first Arizona fab will likely begin mass production using 4 nm process technology in the first half of next year, while the second fab is to start using 3nm and 2nm process technology in 2028.
Taiwan Semiconductor is eyeing a third fab using the 2nm process or more, with overall investments above $65 billion in Arizona.
The chipmaker also launched a fab in Kumamoto, Japan, in February and plans a second involving a $20 billion investment.
In Europe, it broke ground on a 12-inch wafer fab in Dresden, Germany, in August.
Taiwan Semiconductor stock has risen 103% in the last 12 months as the key supplier of Nvidia Corp (NASDAQ:NVDA) artificial intelligence chips, which are instrumental in helping hyperscalers like Amazon.Com Inc (NASDAQ:AMZN), Google, and Meta Platforms Inc (NASDAQ:META) accomplish their AI ambitions.
Price Action:Â TSM stock is trading higher by 1.97% to $178.20 at the last check on Tuesday.
Also Read:
Photo by Jack Hong via Shutterstock
Up Next: Transform your trading with Benzinga Edge’s one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today’s competitive market.
Get the latest stock analysis from Benzinga?
This article Taiwan Semi Secures $7.5B Boost for Arizona Expansion, Aims for Advanced Chip Production: Report originally appeared on Benzinga.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
