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U.S. Secretary of Commerce Gina Raimondo addressed the House of Representatives for Science, Space, and Technology entitled “A Chip on the Table: A Year-Long Review of CHIPS and the Science Act” at the Rayburn Building in Washington, D.C., on September 19. Testified at the committee hearing. 2023.
Tom Williams | Cq-roll Call Inc. | Getty Images
TSMCThe Arizona subsidiary will receive up to $6.6 billion in U.S. government funding under a preliminary agreement announced Monday by President Joe Biden’s administration.
According to the non-binding agreement, the funding will support TSMC’s investment of more than $65 billion in three state-of-the-art manufacturing facilities in Phoenix, Arizona under the U.S. CHIPS and Science Act.
Taiwanese multinational semiconductor companies are also eligible for approximately $5 billion in loans proposed under the CHIPS Act.
U.S. Commerce Secretary Gina Raimondo called the deal “huge” in a press conference, adding that the partnership with TSMC will bring “the world’s most advanced chip manufacturing to American soil.”
Raimondo said the funding includes $50 million to train and develop local talent in Arizona, with TSMC Arizona already creating more than 25,000 jobs and attracting 14 semiconductor suppliers to the state. It is said that they are doing so.
The CHIPS Act, passed in August 2022, is an approximately It’s a $53 billion package.
The bill would provide billions of dollars in incentives for companies to produce chips in the United States, provided they do not expand certain semiconductor manufacturing operations in China or other countries deemed to pose a national security risk. It gives
Commerce Secretary Raimondo on Monday hailed TSMC’s investment in Arizona as the largest foreign investment in the state’s history and as evidence of strong semiconductor leadership from the Biden administration and the U.S. Congress.
TSMC is a global leader in semiconductor manufacturing, producing the majority of the world’s most advanced logic chips used in emerging technologies such as artificial intelligence.The Arizona factory is home to Apple and AMD.
Other companies that received funding under the CHIPS Act include GlobalFoundries; microchipBAE Systems, and intelwhich was awarded up to $8.5 billion in indirect funding and up to $11 billion in loans last month.