The world’s largest chipmaker, Taiwan Semiconductor Manufacturing Co., revealed last month that it will be increasing its investment in the U.S. to $40 billion to build a second factory in Phoenix, Arizona, in addition to the initial factory announced in 2020. President Joe Biden and CEOs of TSMC’s major American clients, including Apple, AMD, NVIDIA and Micron, gathered to hear the announcement of reportedly the largest foreign direct investment in the U.S. Tim Cook, Apple’s CEO, said at the event that the progress his company made switching from Intel Core and Xeon processors in 2022 to Apple Silicon systems manufactured by TSMC transformed Apple products like Mac computers, iPads and iPhones.
“And now, thanks to the hard work of so many people, these chips can be proudly stamped ‘Made in America,’” Cook said.
TSMC is the ninth largest company in the world, says W. Paul Chiou, director of MathWorks Lab for FinTech and Quantitative Analytics at Northeastern and associate teaching professor of finance. It manufactures 55% of all contract chip fabrication globally and more than 90% of the most advanced processors.