Along with over $5 billion in government financing, the White House said on Monday that it had inked a non-binding agreement with Taiwan Semiconductor Manufacturing Company (TSMC) to supply the money for the fabrication factories, or “fabs,” located near Phoenix.

According to a statement from Biden, “America invented these chips, but over time, we went from producing nearly 40% of the world’s capacity to close to 10% and none of the most advanced chips.” “That puts us at serious risk for both national security and the economy.”

The Taiwanese chip manufacturer, which produces 90% of the most sophisticated chips in the world, revealed on Monday that it will add a third plant to the two already announced in the US, increasing its total investment in Arizona to over $65 billion.

In a statement, the Chairman of TSMC (TSM), Mark Liu, referred to the investment as “unprecedented” and mentioned that some of the top technology businesses in the world are among its US clients. These clients will have access to an indigenous supply of chips that power a plethora of products, from smartphones to satellites, as well as artificial intelligence systems, thanks to the three fabrication facilities, the first of which is scheduled to begin production in the first half of 2025.

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