President Joe Biden’s motorcade pulled up to a 40-acre construction site dotted with some two dozen red, blue and gold cranes. An American flag hung from one of the site’s buildings alongside a banner that read “A Future made in America: Phoenix, Arizona.”
The site will feature a new facility of the Taiwan Semiconductor Manufacturing Company. Biden had arrived to tout the company’s newly announced $40 billion investment in U.S. microelectronics manufacturing following the July enactment of the CHIPS Act, which included $52 billion in subsidies and tax incentives for businesses that produce semiconductors within the country.