On Wednesday, Taiwan Semiconductor Manufacturing Co. TSMC Rose Castaneles, executive vice president of the Arizona branch, has been promoted to president.
Castanales, who joined the Taiwanese contract chipmaker in 1998, will take up his post on Oct. 1, replacing Brian Harrison, who is retiring on Dec. 31, the Taipei Times reported, citing a company statement.
TSM shares are rising on Thursday after the Federal Reserve cut its benchmark interest rate by 50 basis points, setting interest rates at 4.75% to 5% in an effort to stimulate demand for discretionary spending among U.S. companies.
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The contract chipmaker recently increased its investment in the U.S. by more than 60 percent to $65 billion, after the U.S. provided $6.6 billion in federal grants and $5 billion in loans.
TSMC is Nvidia Corp’s main artificial intelligence chip supplier NVDA and Apple Inc. AAPL The company is building two advanced factories in Arizona that will utilize 4nm, 3nm, and 2nm processes.
The company is also looking at building a third factory in Arizona using the 2nm process. Earlier this year, the company received approval to invest $7.5 billion in the Arizona factory, reflecting the company’s strong belief in the artificial intelligence boom, which it also expressed at the Semicon Taiwan Industry Forum in Taipei.
Recent reports suggest that Taiwan Semiconductor has won at least two smartphone chip contracts for Alphabet Inc. Google Google Google, Apple, Samsung Electronics Switzerland Samsung Foundry recently lost out to Taiwan Semiconductor for its chip manufacturing technology for the Pixel 10 and Pixel 11 chip contracts.
According to another report, Taiwan Semiconductor has begun manufacturing Apple’s iPhone chip A16 SoC at its Arizona facility using its 5nm N4 technology.
Taiwan Semiconductor shares have risen 90% over the past 12 months, and investors can get exposure to semiconductor stocks through the VanEck Semiconductor ETF. SMH iShares Semiconductor ETF and socks.
Price Action: TSM shares were up 3.88% at $173.78 as of last check on Thursday.
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