Two years ago, shortly after I signed the CHIPS & Science Act, I visited Arizona to announce a commitment by TSMC to invest in America, create American jobs, and shore up American supply chains. On that day, I spoke about how the United States invented semiconductors and used to manufacture nearly 40% of the world's chips, but now makes closer to 10% of them and none of the most advanced chips. I came to office determined to change that, and we have since delivered on that promise, catalyzing nearly $450 billion in private investment in semiconductors, creating over 125,000 new construction and manufacturing jobs, and reshoring critical technologies to bolster our national and economic security.

Today's final agreement with TSMC - the world's leading manufacturer of advanced semiconductors - will spur $65 billion dollars of private investment to build three state-of-the-art facilities in Arizona and create tens of thousands of jobs by the end of the decade. This is the largest foreign direct investment in a greenfield project in the history of the United States. The first of TSMC's three facilities is on track to fully open early next year, which means that for the first time in decades an America manufacturing plant will be producing the leading-edge chips used in our most advanced technologies - from our smartphones, to autonomous vehicles, to the data centers powering artificial intelligence.

Today's announcement is among the most critical milestones yet in the implementation of the bipartisan CHIPS & Science Act, and demonstrates how we are ensuring that the progress made to date will continue to unfold in the coming years, benefitting communities all across the country.