In Depth: Why Is Chip Giant TSMC Investing in the U.S. When It Doesn’t Need to?

By Toh Han Shih, Zhai Shaohui and Liu Peilin

U.S. President Joe Biden shakes hands on Dec. 6 with TSMC Chairman Mark Liu as the two meet on stage after touring the company’s facility in Phoenix in the U.S. state of Arizona. Photo: VCG

On Dec. 6, Taiwan Semiconductor Manufacturing Co. Ltd. held a “first tool-in” ceremony at a newly constructed $12 billion chip foundry in Phoenix, Arizona, in the U.S. The custom, which marks the beginning of equipment installation, is a major milestone for the site, which is set to begin production next year. On the same day, the Taiwanese giant committed to building a second fab, taking its total investment to a $40 billion.

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