Taiwanese chipmaker TSMC has pledged a further $100bn (£74bn) investment in its Arizona manufacturing operations, taking its total US commitment to $265bn in a move welcomed by the Trump administration as a boost for domestic semiconductor production. TSMC, which produces the world's most advanced chips for firms including Nvidia and Apple, said the expansion would likely fund four additional plants in Arizona, adding to eight already under construction or planned, though chief executive CC Wei gave no timeline, saying it would depend on "market situation".

The announcement coincided with TSMC reporting a 77% jump in second-quarter net profit to $22bn, up from $12.4bn a year earlier, driven by booming demand for chips used in AI data centres and smart devices. The company's share price has risen more than 55% this year, giving it a market valuation of around $2 trillion and making it Asia's most valuable firm. The move follows a January deal in which the US agreed to cut tariffs on Taiwanese goods to 15% in exchange for major investment commitments, with Commerce Secretary Howard Lutnick saying the latest pledge would create "tens of thousands" of American jobs.