President Biden just awarded TSMC $6.6 billion in CHIPS Act funding in a last-minute move before leaving office. In what could translate into a major

The Biden administration has finalized Taiwan Semiconductor Manufacturing Company’s (TSM) Chips Act incentive funding to support its U.S. fabrication sites.

Under the agreement, the chipmaker will receive up to $6.6 billion worth of grants to finance a fab complex it’s currently building in Arizona. TSMC also has the option to access up to $5 billion in loans.

TSMC secured a $6.6 billion US subsidy to expand its Phoenix chip production facilities, including advanced 2-nanometre technology.

The U.S. Commerce Department said Friday it has finalized a $6.6 billion government subsidy for Taiwan Semiconductor Manufacturing Co's U.S. unit for semiconductor production in Phoenix, Arizona. The binding contract - after a preliminary agreement announced in April - is the first major award to be completed under the $52.

The Taiwanese semiconductor company will use the funding to expand its operations in Arizona, where it's building three facilities.

The United States will award Taiwanese chip giant TSMC up to $6.6 billion in direct funding to help build several plants on US soil, officials said Friday, finalizing the deal before a new administration enters the White House.