TSMC confirms chip production is underway in Arizona

Driving the news: During the call, chair and CEO C.C. Wei said "high-volume" production began at the company's first Arizona fab at the end of last year and is already showing a comparable yield to TSMC's factories in Taiwan.

The big picture: TSMC first announced plans to open a manufacturing facility in north Phoenix in 2020 and has since committed to building two more with the assistance of President Biden's marquee CHIPS Act legislation.

• This represents a $65 billion foreign direct investment in Arizona.

The intrigue: President-elect Trump and other GOP leaders have criticized the CHIPS Act, leaving its future in question during the next administration.

Yes, but: TSMC has not conveyed concern about the imminent U.S. leadership chang. The Biden administration finalized the company's $6.6 billion CHIPS Act grant the week after the election, ensuring the company will receive it.

What they're saying: "In the U.S., we have a long-standing good relationship with the U.S. government, dating back to even before our Arizona fab project announcement in May 2020. We have received the strong commitment and support from our U.S. customers and the [government], and are making substantial progress," Wei said during the call.

What's next: Two additional fabs are under construction in north Phoenix.

• Once operational, they will produce some of the world's most advanced semiconductors, including the cutting-edge 2-nanometer chip.