Benzinga | Jun 2, 2021 06:27AM EDT

TSM Initiates Construction Of $12B Arizona Chip Factory

* Taiwan Semiconductor Manufacturing Co Ltd (NYSE:TSM) has started the $12 billion chip factory construction in the Arizona site, Reuters reports based on CEO C.C. Wei during the annual technology presentation.

* Wei reiterated the factory's mass production plans of the 5-nm by 2024, Bloomberg Quint reports.

* TSM is expected to compete for the U.S. chip subsidies worth $54 billion apart from Intel Corp (NASDAQ:INTC) and Samsung Electronics Co Ltd (OTC:SSNLF).

* TSM plans to construct around six factories at the Arizona site over 10 -- 15 years.

* Price action: TSM shares traded lower by 0.43% at $118 in the premarket session on the last check Wednesday.