Ahead of President Biden’s visit to Taiwan Semiconductor Manufacturing Co’s (NYSE: TSM) Arizona plant on Tuesday, the chip giant announced that it will triple its planned investment at this plant to $40 billion.
According to Reuters, this will be “among the largest foreign investments in American history.”
The report also stated that TSMC will build another nearby facility in Arizona that will produce advanced chips by 2026. Once both the Arizona plants are complete, TSM expects to manufacture over 600,000 chips every year.
There have been reports that Apple (AAPL) and Nvidia (NVDA) are likely to be two of the first customers for TSM’s new plant in Arizona.
Wall Street analysts are overwhelmingly bullish about TSM stock with a Strong Buy consensus rating based on unanimous six Buys.
