Commerce Department awards TSMC $6.6 billion in CHIPS Act funding

The Commerce Department announces a $6.6 billion grant to Taiwan Semiconductor Manufacturing Company (TSMC) to build three advanced chipmaking facilities in Phoenix, Arizona, representing the largest single CHIPS Act award. Commerce Secretary Gina Raimondo calls it a "transformational" investment that will produce the most advanced semiconductors manufactured anywhere in the world, including 2nm chips used in AI and defense applications. The investment is expected to create 6,000 construction jobs and 4,500 high-tech manufacturing jobs. Intel receives a $8.5 billion award in the same week, the largest CHIPS Act grant overall. The awards represent the culmination of the Biden administration's strategy to rebuild US semiconductor manufacturing after decades of offshoring.