Yahoo Finance's Ines Ferré discusses reports that TSMC will announce advanced chips made in Arizona.
RACHELLE AKUFFO: Taiwan Semiconductor's $12 billion Arizona plant is set to be the first advanced chip plant in the US. That's according to White House officials. Now, that marks a key step for President Biden, whose administration looks to bolster domestic chipmaking. Now, he tours the plant on Tuesday. And Yahoo Finance's Ines Ferre has the latest. Ines.
INES FERRE: And, Rachelle, on Tuesday also, it's expected that Taiwan Semiconductor may announce that it will be producing its four nanometer chips. That's the advanced chip. This would be an upgrade from previous statements. And this is according to Bloomberg, where Apple reportedly-- and other customers-- have asked Taiwan Semiconductor to manufacture these more advanced chips at that Arizona plant, which is expected to open in 2024. Also, TSMC reportedly agreeing to increase production volume at that Arizona facility.
Now, why is this important? Well, this is a step forward towards making more of these chips here in the US and making these advanced chips in the US. The CHIPS Act is also incentivizing companies to do this. And given the tensions between the US and China and China's position towards Taiwan-- keep in mind, Taiwan Semiconductors is based out of Taiwan. So this is really seen as a win for President Biden and the goal of the administration to bring chip productions here to the US. Rachelle, Akiko.
AKIKO FUJITA: Yeah, another reason for the administration to be doing a victory lap here. We've seen a number of those deals lined up since the CHIPS Act was passed. Ines Ferre, thanks so much for that.