President Biden is due to visit Phoenix, Ariz. Tuesday for semiconductor maker TSMC’s announcement that it will increase its chip investment in the state to $40 billion.
Taiwan-based TSMC will also announce its commitment to build a second factory that will produce 3-nanometer chips.
Apple CEO Tim Cook and Advanced Micro Devices CEO Lisa Su will also be present on Tuesday. Cook and Su will both source significant chips from TSMC’s Arizona facility, Brian Deese, director of the White House National Economic Council, said in a briefing.
Deese said TSMC’s announcement furthers Biden’s economic agenda, which he says goes beyond semiconductors.
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“For the past two years, the President has articulated a vision of an economic strategy to be built from the bottom up and the middle, as the President says. And this economic strategy is based on the idea that an industrial strategy is vital for the country and that providing stable, long-term public investment will push private investment at historic levels,” Deese said.
He also said the government will “catalyze $3.5 trillion in public and private investment over the next decade in infrastructure, innovation and clean energy alone.”
According to Deese, Tuesday’s announcement means a lot to the local Arizona community. He said this means more workers in large factories, more opportunities for suppliers and contractors, well-paying construction jobs and opportunities for small and medium-sized manufacturers and suppliers.
TSMC said in a press release that its two Arizona factories are expected to create 10,000 more high-paying, high-tech jobs. This includes 4,500 direct TSMC jobs.
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Deese also said the companies Intel, Core Power and Corning are investing in the Arizona communities of Chandler, Buckeye and Gilbert.
“Not only what’s happening at TSMC, but also near Chandler, where Intel broke ground on two chip fabs with combined investments of $20 billion and helped make Phoenix this important center for semiconductor manufacturing …and this will be highlighted here shortly in Buckeye, a company called Core Power is investing $1.2 billion to build a lithium-ion battery gigafactory for electric vehicles and stationary storage,” he said.
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“This is part of a boom we’re seeing across the country as we try to build more end-to-end battery supply chains here in the United States,” Deese continued. “In Gilbert, Corning is building a new $100 million manufacturing facility for AT&T fiber optic cables that connect. The President’s goal is to connect every home to affordable, high-speed Internet.”
The chairman of TSMC, Dr. Mark Liu said in the company’s press release that when completed, TSMC Arizona will be the “greenest semiconductor manufacturing facility in the United States, producing the nation’s most advanced semiconductor process technology and enabling next-generation high-performance and high-performance low-power computing products.” the coming years.”
Biden’s visit to Arizona on Tuesday comes on election day for the Georgia Senate runoff in which Republican Herschel Walker will challenge incumbent Democratic Senator Raphael Warnock. The outcome of this race will determine whether the Senate majority remains a 50-50 split or whether Democrats take a 51-49 lead. Biden was noticeably absent from the final phase of Warnock’s campaign. The campaign has instead sought out more popular members of the party, such as former President Barack Obama, who stumbled for Warnock last week.
And while the president is stopping in Arizona, a border state, he is unlikely to visit the US-Mexico border amid a spate of migrant encounters under his administration.
The White House schedule says Biden will visit Phoenix to promote his economic initiatives, but makes no mention of a stop at the border, which is just over 100 miles away.