Business

The Biden administration said it would provide $6.6bn in direct funding to TSMC to support its facilities in Arizona for manufacturing the world’s most advanced semiconductors. TSMC, based in Taiwan and the world’s largest contract chipmaker, will have three sites in Phoenix when it completes a new factory there. It is increasing its investment to $65bn, the largest-ever foreign direct investment in a “greenfield” project, meaning built from scratch, in America. TSMC supplies chips to Apple and Nvidia for use in smartphones and artificial intelligence.