TSMC to Invest $100bn in Arizona, Boosting US Advanced Manufacturing

Taiwanese chipmaker TSMC will invest another $100bn (£74bn) in Arizona as it expands its production in the US, a move the Commerce Department said will create tens of thousands of American jobs.

TSMC makes the most advanced chips designed by companies such as Nvidia and Apple, and the news is a boost for President Donald Trump's drive to bring more advanced manufacturing to the US. It raises the company's total commitment to the US to $265bn, with chief executive CC Wei saying the increase will likely see four new plants built in Arizona.

The announcement came as the firm announced a 77% jump in second-quarter net profits. Profit from April to June jumped to $22bn, from $12.4bn in the same three months a year earlier. Memory chip makers have seen demand boom in recent years as their products power AI data centres and smart devices. Strong demand for TSMC's chips has helped to make it Asia's most valuable company. Its share price has jumped by more than 55% this year to give it a stock market valuation of around $2 trillion.