Taiwan Semi and GlobalFoundries Secure Key U.S. Funding for Chip Manufacturing

The Biden administration progresses with CHIPS Act awards despite potential policy shifts under President-elect Trump.

Taiwan Semiconductor Manufacturing Co (TSMC) and GlobalFoundries have finalized agreements for substantial U.S. government grants and loans under the CHIPS Act.
The U.S. Commerce Department has notified Congress about the finalization of these deals, signaling significant progress in domestic semiconductor production efforts.
TSMC received an initial $6.6 billion for its Arizona project, while GlobalFoundries was awarded $1.5 billion for facilities in New York and Vermont.
Concerns persist over potential changes to the CHIPS Act with Donald Trump's return to office, though experts suggest major repeals are unlikely.
Both companies reported varied financial performances, with TSMC showing significant revenue growth, while GlobalFoundries experienced a decline.