Taiwan Semiconductor Manufacturing Company Ltd (NYSE: TSM) looks to send more workers from Taiwan to the U.S. state of Arizona to help fastrack the construction of its massive $40 billion factory.
TSMC's debut Arizona chip fabrication facility, or fab, will likely be operational by 2024. A second facility nearby will probably make 3-nanometre chips - the most advanced currently in production - due to be up and running by 2026.
TSMC emphasized the growing importance of skilled expertise given the critical phase of handling the most advanced and dedicated equipment in a sophisticated facility, Reuters reports.
The additions will not impact the 12,000 workers currently on-site every day or U.S.-based hiring.
TSMC's investment is vital to U.S. President Joe Biden's plans to boost domestic semiconductor production after the pandemic vandalized the global supply chains triggering an acute semiconductor chip and component crisis.
TSMC has said the bulk of its manufacturing, especially of the most advanced chips, will remain in Taiwan. It is also building a plant in Japan and considering another one in Germany.
A recent report suggested rival Samsung Electronics Co, Ltd's (OTC: SSNLF) chip foundry business is adding production capacity and more advanced manufacturing techniques.
It looks to introduce 2-nanometer production for mobile phone parts by 2025 and expand applications.
Samsung also proposes significantly boosting output in Pyeongtaek, South Korea, and Taylor, Texas, to ramp up the foundry division.
Price Action: TSM shares traded higher by 0.80% at $101.73 premarket on the last check Thursday.