TSMC, not one to do things by halves, has agreed to boost its planned investment by €23 billion to a staggering €59.8 billion and to add a third fab in Arizona by 2030. The Taiwanese company plans to produce the world's most advanced 2-nanometer technology at its second Arizona fab, which is expected to start production in 2028.

Commerce Secretary Gina Raimondo said that the chips that TSMC will make underpin all artificial intelligence and are the necessary components for the technologies we need to underpin our economy. Still, frankly, it is a 21st-century military and national security apparatus.

TSMC, the world's largest contract chipmaker and a major supplier to Apple and Nvidia, had previously announced plans to invest €36.8 billion in Arizona. TSMC expects to start high-volume production in its first U.S. fab there by the first half of 2025. The €59.8 billion-plus investment by TSMC is the largest foreign direct investment in a completely new project in US history.