Taiwan Semiconductor Manufacturing Company Limited Board of Directors passed a resolution approving $3.5 billion-worth investment in its wholly-owned subsidiary in Arizona, the company announced in a statement on Tuesday.
The board of directors also authorized TSMC’s capital budget of roughly $6.96 billion, which will include “fab construction and installation of fab facility systems.” Last year, reports circulated that the chip giant will be building another chip factory north of Phoenix in the United States’ southwestern state, marking the largest foreign investment in the Arizona’s history, worth $40 billion.
According to the latest financial report, the company booked a $20.5 billion revenue for the final quarter of the fiscal 2022, with the semiconductor foundry potentially eyeing more facilities in Europe and Japan.
