TSMC’s Chips Act Award Finalized by US, With Funds Coming This Year

Package is the first major Chips Act deal to be completed
Intel, Samsung and others are still hammering out agreements

Gina Raimondo speaks alongside President Joe Biden during a signing ceremony for the Chips and Science Act, in Washington, DC, in 2022.Photographer: Al Drago/Bloomberg

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By Mackenzie Hawkins and Ian King

November 15, 2024 at 10:00 AM UTC

This article is for subscribers only.

The Biden administration finalized its Chips Act incentive awards for Taiwan Semiconductor Manufacturing Co., marking a major milestone for a program meant to bring semiconductor production back to US soil.

TSMC will get $6.6 billion in grants as part of the contract, the Department of Commerce said in a statement Friday. Though the amount was disclosed earlier this year as part of a preliminary agreement, the deal is now legally binding — making it the first major Chips Act award to reach this stage.