Benzinga | May 4, 2021 12:56PM EDT

TSMC Eyes Five Additional Arizona Fabs For US Chip Building Drive: Reuters

* Taiwan Semiconductor Manufacturing Co Ltd (NYSE: TSM) plans to set up around five additional fabs in Arizona apart from the current one, Reuters reports.

* It announced the $12 billion Arizona chip factory in May 2020.

* TSMC was setting up a 12-inch wafer fabrication plant in Phoenix, with expected volume production from 2024.

* Last month, TSM had announced a $100 billion investment over three years to drive chip building capacity.

* Intel Corp (NASDAQ: INTC) also announced a $20 billion investment towards two-chip building factories in Arizona.

* Samsung Electronics Co Ltd (OTC: SSNLF) previously shortlisted two sites in Arizona and one in New York for a $17 billion chip plant.

* Price action: TSM shares traded lower by 1.33% at $114.4 on the last check Tuesday.