Biden to visit Taiwanese chip manufacturer TSMC's Arizona plant on Dec 6

$Taiwan Semiconductor (TSM.US)$ $Direxion Daily Semiconductor Bull 3x Shares ETF (SOXL.US)$ U.S. President Joe Biden plans to travel to Taiwanese chip manufacturer TSMC's Arizona facility on Dec. 6 to promote the administration's push to boost U.S. semiconductor manufacturing, the White House said.

Taiwan Semiconductor Manufacturing Co Ltd (2330.TW), , a major supplier to Apple Inc (AAPL.O) and the world's largest contract chipmaker, is constructing a $12 billion plant in Phoenix, Arizona, Reuters reported last week. The company is holding a "tool-in" ceremony in Arizona on Dec. 6.

Last year, Reuters reported TSMC's plans to build more chipmaking factories in Arizona, including discussions about whether its next plant should be more advanced which could make chips with 3-nanometer technology compared to the slower, less-efficient 5-nanometer chips that will be churned out when the facility begins production.

Chang, speaking to reporters in Taipei after returning from the APEC summit in Thailand, said the 3-nanometre plant would be located at the same Arizona site as the 5-nanometre plant.