Contract chipmaking major Taiwan Semiconductor Manufacturing Co. (NYSE:TSM) is looking to set up a new facility in Arizona, according to the Wall Street Journal.
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TSM is reportedly mulling setting up the plant with a $12 billion investment and the development comes amid efforts by the U.S. to bring chip manufacturing back to the country.
The company’s new unit will produce 3-nanometer transistors and it could possibly add more capacity to the unit as well.
Further, production is anticipated to start in 2024. TSM shares are up 8.4% over the past five days alone.
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