President Biden will visit Phoenix, Arizona, on Tuesday for semiconductor maker TSMC’s announcement to 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 in attendance on Tuesday. Cook and Su will source significant chips from TSMC’s facility in Arizona, White House National Economic Council Director Brian Deese said at a briefing.
Deese said the TSMC ad furthers Biden’s economic agenda, which he says goes beyond semiconductors.
PEPSICO WILL LAY OFF HUNDREDS OF WORKERS AT HEADQUARTERS
“For the last two years, the president has been articulating a vision of an economic strategy to build from the bottom up and from the middle, as the president says. And that economic strategy is based on the idea that having an industrial strategy for the country is critical and that providing long-term stable public investment will attract private investment on a historic scale,” Deese said.
He also said the administration will “catalyze $3.5 trillion in public and private investment over the next decade in the infrastructure, innovation and clean energy sectors alone.”
According to Deese, Tuesday’s announcement means a lot to the local Arizona community. He said it means more workers in major 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 news release that its two factories in Arizona are expected to create 10,000 more high-paying, high-tech jobs. This includes 4,500 direct jobs from TSMC.
US AND EU AGREE TO INTENSIFY TALKS ON ‘GREEN SUBSIDIES’ DISPUTE
Deese also said that Intel, Core Power and Corning companies are investing in the Arizona communities of Chandler, Buckeye and Gilbert.
“Not only marking what’s happening at TSMC, but also near Chandler, where Intel has broken ground on two chip factories totaling $20 billion in investment and helping create Phoenix as this major manufacturing hub for semiconductors… and we’ll mark that here in the future.” In Buckeye, a company called Core Power is investing $1.2 billion to build a Gigafactory for lithium-ion batteries for electric vehicles and stationary storage,” he said.
CLICK HERE TO GET THE FOX BUSINESS APP
“This is part of a boom we’re seeing across the country in trying to build more of the end-to-end battery supply chain here in the United States,” Deese continued. “In Gilbert, Corning is building a new $100 million manufacturing facility for AT&T’s fiber-optic cable, which is connected. The president’s goal is to connect every home with high-speed, affordable Internet.”
TSMC Chairman 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 that will produce the cleanest semiconductor process technology.” state-of-the-art technology in the country, enabling the next generation of high-performance, low-power computing products for years to come.”
Biden’s visit to Arizona on Tuesday comes on election day for the Georgia Senate runoff in which Republican Herschel Walker challenges incumbent Democratic Sen. Raphael Warnock. The outcome of that contest will determine whether the Senate majority remains split 50-50 or whether Democrats take a 51-49 lead. Biden has been conspicuously absent from Warnock’s campaign in its final stretch. Instead, the campaign has sought out more popular members of the party, such as former President Barack Obama, who stumped in favor of Warnock last week.
And while the president makes a stop in Arizona, a border state, he likely won’t visit the US-Mexico border amid a spate of encounters with migrants under his administration.
The White House schedule calls for Biden to visit Phoenix to promote his economic initiatives, but there is no mention of a stop at the border, which is just over 100 miles away.