The News
The Biden administration agreed to provide Taiwan Semiconductor Manufacturing Co. with $6.6 billion in funding to expand its operations in Arizona, a significant milestone in the implementation of the bipartisan chips law.
TSMC is building three facilities there, bringing production of its most advanced chips stateside.
The company will receive at least $1 billion of the funding this year, a senior administration official said.
The administration is working to finalize agreements before Donald Trump — who has criticized the law — takes office.
However, administration officials emphasized both the bipartisan nature of the law and the fact that such agreements are binding.
“The company as long as it meets its milestones has a contractual-binding agreement from the government to move forward,” another senior administration official said.
