O'Melveny Insights 2023

18 With the geopolitical rivalry between the US and China escalating, President Biden toured Taiwanese chipmaker TSMC’s future manufacturing plant in Arizona late last year, touting the company’s plans to invest US$40 billion on upgrades and expansion—one of the largest foreign direct investments in US history. Greeting Biden at the event, TSMC’s chairman thanked him personally for the US government’s “continual collaboration.” 05