"Biden's Billions: TSMC's Boost in US Chip Manufacturing"

TSMC's stock surged as President Biden's administration approved nearly $12 billion in grants and loans for the company to boost chip manufacturing in the US. The deal positions TSMC to receive up to $6.6 billion in grants and $5 billion in direct funding, with plans for a third production facility in Arizona by 2028. This marks the largest foreign direct investment in Arizona and the biggest greenfield project in US history, aiming to add 6,000 high-tech jobs and reduce reliance on China's high-tech manufacturing.