Taiwan chip giant TSMC to build $12 billion US plant

Taiwanese computer chip giant TSMC announced Friday it will spend $12 billion on a state-of-the-art semiconductor foundry in the United States, creating thousands of jobs. The announcement is a win for President Donald Trump who has pushed for major chipmakers to set up shop inside the US.

Taiwan Semiconductor Manufacturing Company, the world's largest contract microchip maker, produces the processors that provide the computing muscle for everything from iPhones, laptops and games consoles to servers and critical internet infrastructure.

Construction for the facility in Arizona is set to start in 2021 with production of 5-nanometre chips - the smallest and fastest on the market - beginning in 2024, TSMC said.