Taiwan Semiconductor Mfg. Co. Ltd. TSM shares are trading higher by 2.58% to $100.74 Tuesday morning following a report indicating the company will invest $2.9 billion on a chip packaging plant in Taiwan.
Per CNBC, the facility will be situated in Tongluo Science Park, Northern Taiwan, and anticipates generating approximately 1,500 local jobs through this investment.
The investment is meanwhile driven by the AI market's rapid growth and the increasing demand for TSMC's advanced packaging. TSMC CEO C.C. Wei last week during the company's second-quarter earnings report said the company is experiencing “some very tight capacity" on the advanced packaging segment.
According to data from Benzinga Pro, TSM has a 52-week high of $110.69 and a 52-week low of $59.43.
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