The Biden administration has finalized a $6.6 billion award for the Taiwan semiconductor giant that is building massive factories in Phoenix.

Commerce Department has finally agreed to release $6.6 billion to help fund the Phoenix plant being built by TSMC. Trump has criticized the plan.

TSMC and the U.S. Department of Commerce finalized a deal Friday, granting TSMC $6.6 billion in funding and $5 billion in loan guarantees under the CHIPS Act to build its Fab 21 site in Arizona.

Three semiconductor manufacturing Phoenix fabs will support the economy after a final agreement between TSMC and the Biden administration.

The White House on Friday announced it had finalized an agreement with a major semiconductor manufacturer to invest billions of dollars in facilities in Arizona as President Biden looks to cement parts of his legislative legacy before leaving office in January.

The Biden-Harris Administration and U.S. Department of Commerce announced Friday that Taiwan Semiconductor Manufacturing Company’s Arizona Corporation has been awarded up to $6.6 billion in direct funding under the CHIPS Act.

By the end of the year, the company will already have $1 billion of the funding in hand, according to the New York Times. The funds will supplement $65 billion in funds that TSMC

The U.S. Commerce Department said Friday it has finalized a $6.6 billion government subsidy for Taiwan Semiconductor Manufacturing Co's U.S. unit for semiconductor production in Phoenix, Arizona. The binding contract - after a preliminary agreement announced in April - is the first major award to be completed under the $52.

The U.S. Department of Commerce finalized its CHIPS and Science Act agreement with Taiwan Semiconductor Manufacturing Co. on Friday, essentially guaranteeing the company will receive $6.6 billion to construct its $65 billion north Phoenix facility.