Taiwan Semiconductor Projects $10B In Revenue From Arizona Plant

Taiwan Semiconductor Manufacturing Company Ltd TSM expects $10 billion in annual revenue from Arizona chip plants.
TSMC eyed a second chip plant in Arizona and tripled its initial investment to $40 billion, Reuters reports.
The first chip fabrication facility, or fab, will be operational by 2024. The second facility nearby will make the most advanced chips currently in production, called "3-nm," by 2026.
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U.S. President Joe Biden and CEOs of major TSMC customers graced the opening ceremony for the new $12 billion facility in an arid and barren part of northern Phoenix.
"When completed with both fabs, we will manufacture over 600,000 wafers a year, representing $10 billion in yearly revenue," said TSMC Chair Mark Liu, adding that customers using those chips would have annual sales of over $40 billion.
Liu said the two plants would create 13,000 high-paying tech jobs, including 4,500 under TSMC.
Apple Inc AAPL, Nvidia Corp NVDA, and Advanced Micro Devices Inc AMD, all major TSMC customers, expected the new Arizona plants to manufacture their chips.
At least a dozen significant cranes are still set up around the first factory, dubbed Fab 21.
Nearly 600 engineers hired in Arizona have been sent to Taiwan for training, TSMC founder Morris Chang said.
The U.S.'s landmark $52 billion federal program to boost domestic chipmaking was a powerful stimulus for TSMC.
IShares Semiconductor ETF SOXX closed lower by 2.1% at $368.16 on Tuesday.
Price Action: TSM shares closed lower by 2.5% at $79.58 on Tuesday.