TSMC gets $6.6 billion in chipmaking cash from Biden while pledging to build a third Arizona plant

- The Biden administration plans to send $6.6 billion in federal grants to Taiwan Semiconductor Manufacturing Company (TSMC) for a $25 billion expansion in Arizona - TSMC will build a third fabrication plant in Arizona with the grants - This is part of Biden's effort to restart advanced semiconductor manufacturing in the US - TSMC plans to invest over $65 billion in its Arizona operations - The goal is to have all three plants online by the end of the decade producing advanced chips - TSMC's move is the largest foreign direct investment in a new project in US history - The increased investment is due to growing demand for chips inside the US - The government grants will also include funding for workforce development and loans - Arizona will play a central role in bringing back semiconductor manufacturing to the US - The Biden administration aims for the US to produce 20% of the world's most advanced semiconductor chips by the end of the decade