The Biden administration officially awarded up to $6.6 billion in CHIPS Act funding to TSMC, the Taiwanese company building a semiconductor manufacturing facility in north Phoenix.

Three semiconductor manufacturing Phoenix fabs will support the economy after a final agreement between TSMC and the Biden administration.

The U.S. Commerce Department said Friday it has finalized a $6.6 billion government subsidy for Taiwan Semiconductor Manufacturing Co's U.S. unit for semiconductor production in Phoenix, Arizona.

TSMC secured a $6.6 billion US subsidy to expand its Phoenix chip production facilities, including advanced 2-nanometre technology.

The Biden-Harris Administration and U.S. Department of Commerce announced Friday that Taiwan Semiconductor Manufacturing Company’s Arizona Corporation has been awarded up to $6.6 billion in direct funding under the CHIPS Act.

The Biden administration said on Friday that it had completed an agreement to award Taiwan Semiconductor Manufacturing Company up to $6.6 billion in grants, as federal officials race to put in place their plans to boost U.