Biden administration announces $6.6 billion to ensure leading-edge microchips are built in the US

The Biden administration has pledged to provide up to $6.6 billion so that a Taiwanese semiconductor giant can expand the facilities it is already building in Arizona and better ensure that the most-advanced microchips are produced domestically for the first time. Commerce Secretary Gina Raimondo said that Monday's announced funding for Taiwan Semiconductor Manufacturing Co. means the company can expand on its existing plans for two facilities in Phoenix and add a third, newly announced production hub. Raimonda said, “These are the chips that underpin all artificial intelligence,” and she added that they also "underpin our economy.”