The White House on Friday announced it had finalized an agreement with a major semiconductor manufacturer to invest billions of dollars in facilities in Arizona as President Biden looks to cement parts of his legislative legacy before leaving office in January.

Commerce Department has finally agreed to release $6.6 billion to help fund the Phoenix plant being built by TSMC. Trump has criticized the plan.

TSMC will get a big chunk of its megabillion award from the White House to support its new Arizona factory by the end of this year.

The United States will award Taiwanese chip giant TSMC up to $6.6 billion in direct funding to help build several plants on US soil, officials said Friday, finalising the deal before a new administration enters the White House.

The Biden administration finalized its Chips Act incentive awards for Taiwan Semiconductor Manufacturing Co., marking a major milestone for a program meant to bring semiconductor production back to US soil.

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. The binding contract - after a preliminary agreement announced in April - is the first major award to be completed under the $52.