PHOENIX (NBC) - President Biden tours an Arizona semiconductor factory to highlight major foreign investment in American chip manufacturing.
President Biden traveled to Arizona today for a first-hand look at a massive semiconductor facility that is under construction.
The Taiwan semiconductor manufacturing company, or TSMC, is expanding its investment in Arizona to produce state-of-the-art semiconductors.
More than 40 billion dollars worth of investment is planned by the company.
President Biden insists the investment is a direct result of the "chips act."
"These are the most advanced semi conductor chips on the planet. The chips will power iphones and mac books as Tim Cook can attest. Apple had to buy all the advanced chips from overseas and now they are going to bring more of their supply chain here at home. All told TSMC is investing 40 billion dollars here in Arizona. The largest foreign investment in the history of this state. Over ten thousand construction jobs and ten thousand high tech jobs will be created and I want to thank everyone in this company for making this happen," says President Biden.
"Over 30 years ago America had more than 30 percent of the global chip production. Then something happened. American manufacturing the backbone of our economy began to move jobs overseas. Today we're down to producing only 10 percent of the world's chips despite leading the world in research and technology. But folks, where is it written that American can't lead the world once again in manufacturing I don't know where that's written and we're proving it can," Biden mentions.