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TSMC stock jumped on Monday on a nearly $12 billion deal with the US to boost chip manufacturing.
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TSMC is set to receive up to $6.6 billion in grants and $5 billion in direct funding under the CHIPS and Science Act.
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TSMC’s $65 billion marks the largest foreign direct investment in Arizona and the biggest greenfield project in US history.
Shares of Taiwan Semiconductor Manufacturing Company rose as much as 3.2% on Monday as President Joe Biden’s administration approved nearly $12 billion in grants and loans for the world’s leading semiconductor company to boost manufacturing operations in the US.
TSMC stock traded at an intraday high of $145.92 per share around 10:30 am ET, paring that gain to about $143 shortly after 1 p.m.
The deal positions the Taiwanese chip company to receive as much as $6.6 billion in grants and $5 billion in direct funding from the Biden administration as part of…
