TSMC stock jumped up to 3.2% on news that Biden's administration approved $11.6 billion in grants and loans for the company to boost US chip manufacturing. The deal positions TSMC to receive up to $6.6 billion in grants and $5 billion in direct funding from the CHIPS and Science Act passed in 2022. TSMC unveiled plans for a third Arizona production facility by 2028 to meet rising US semiconductor demand, with a total investment exceeding $65 billion. The three planned TSMC facilities in Arizona are expected to create 6,000 high-tech jobs and 20,000 construction jobs.