Taiwan's TSMC says US investment plan is unchanged after election


FILE PHOTO: Taiwan Semiconductor Manufacturing Company (TSMC) logo is seen near computer motherboard in this illustration taken January 8, 2024. REUTERS/Dado Ruvic/Illustration/File Photo

TAIPEI (Reuters) -Chipmaker TSMC's investment plan in the United States remains unchanged, the company said, responding to a question on the election of Republican Donald Trump as the next U.S. president.

"Our investment plan in the U.S. remains unchanged," the company said late on Thursday in an emailed statement, without elaborating.

TSMC, the world's largest contract chipmaker and a major supplier to companies including Apple and Nvidia, is investing $65 billion in new factories in the U.S. state of Arizona.

Trump, while on the campaign trail, accused Taiwan of stealing American semiconductor business.

In April TSMC's U.S. unit was awarded a $6.6 billion subsidy for advanced semiconductor production in Phoenix, Arizona, in a preliminary agreement with the Commerce Department.

Taiwan Semiconductor Manufacturing Co, GlobalFoundries and at least one other chipmaker are poised to receive their final Chips and Science Act awards from the Biden administration, two people briefed on the matter said this week.

TSMC's shares have so far batted off concern about Trump's election, and have performed strongly so far this year given soaring demand for artificial intelligence.

On Thursday, the company's American Depositary Receipts closed up 4.1%, after Nvidia's shares rallied to a record high, making the chipmaker the first company in history to surpass a stock market value of $3.6 trillion.

(Reporting by Ben Blanchard; Editing by Leslie Adler and David Gregorio)

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

   

Next In Tech News

YouTuber known for drag race videos crashes speeding BMW and dies
KKR becomes largest shareholder in Fuji Soft after successful tender offer
Online disinformation exacerbates Spain flood disaster
How AI will boost Windows Notepad and Paint
Amazon mulls new multi-billion dollar investment in Anthropic, the Information reports
LG Energy Solution signs 5-year battery supply deal with Rivian
Motorola raises full-year forecasts on steady demand
Nvidia surpasses $3.6 trillion market value after Trump win
Pinterest's forecast disappoints investors seeking holiday season ad boost
US Cellular to sell some spectrum licenses to AT&T for $1 billion

Others Also Read