TSMC CFO confident of continued CHIPS Act funding under Trump

US President-elect Donald Trump has accused Taiwan of “stealing” his country’s chip industry. But Taiwan’s largest chip company is confident that the Trump administration will continue to fund its US projects

Taiwan Semiconductor Manufacturing Co was promised 6.6 billion dollars under the Joe Biden administration CHIPS and Science ACT to help build three advanced chip manufacturing plants in Arizona as part of the US effort to land-based chip manufacturing.

Speaking to CNBC’s Emily Tan in an exclusive interview, TSMC CFO Wendell Huang said that under Trump, funding is expected to continue to flow gradually as plant production moves through the construction and production phases.

“In fact, in the fourth quarter, we already received the first batch of government support,” Haung said, indicating that the contract chip maker had received $1.5 billion in funding.

After some production delaysHuang said the first plant in Arizona began producing advanced chips in the fourth quarter of last year.. He added that two plants are under construction in Arizona followed the path, it was expected that there would be a second one into operation in 2028.

TSMC first investment in Arizona was announced in May 2020, bringing the company’s total investment in its three projects there to over $65 billion.

Much of the investment was made after the Biden administration signed a bipartisan deal CHIPS Law in August 2022, committing nearly $53 billion invest in domestic semiconductor supply chains and counter China.

While the future president is also expected competition with China and onshore production became a priority during his second term debate on whether Trump and the Republican-led House of Representatives will revise the CHIPS Act.

During his campaign for the White House, Trump publicly criticized the bill and its price tag, arguing that tariffs were a more effective strategy for onshore chip manufacturing. The president-elect also accused Taiwan of “theft“The chip business in the US.

However, industry experts told CNBC that they expect Trump to leave politics mostly whole because of his bipartisan support in Washington.

TSMC on Thursday reported record profits in the fourth quarter due to strong demand for its AI chips, sending its shares up nearly 4%. Shares rose 1.36% on Friday.

In an earnings call after the results, CEO and Chairman CC Wei highlighted TSMC’s “long-standing and good relationship” with the US government, as well as the commitment and support it has received at the federal, state and city levels.

“Let me assure you that we have very frank and open communication with both the current government and the future,” he said in response to a question from investors.

Wei also said on Thursday that the company would not attend Trump’s inauguration because it preferred to keep a low profile, according to Reuters.