TSMC to receive $11.6 billion from US under CHIPS Act, will build third Arizona plant

What just happened? TSMC has become the latest beneficiary of the CHIPS Act after the US Commerce Department said it had reached a preliminary agreement with the Taiwanese giant to award it up to $6.6 billion in grants and $5 billion in loans. The money will be used by the company to build a third manufacturing plant in Arizona. TSMC is already building two factories in Phoenix, Arizona. It said the CHIPS money will go toward creating a third fab at the site, operational by the end of the decade, that will use its next-gen 2nm process technology. TSMC plans…