TSMC’s Chips Award Finalized by US, With Funds Coming This Year

The Biden administration finalized its Chips Act incentive awards for Taiwan Semiconductor Manufacturing Co., marking a major milestone for a program meant to bring semiconductor production back to US soil.

TSMC will get $6.6 billion in grants as part of the contract, the Department of Commerce said in a statement Friday. Though the amount was disclosed earlier this year as part of a preliminary agreement, the deal is now legally binding — making it the first major Chips Act award to reach this stage.

The chipmaker, which is also taking up to $5 billion in loans, will get ...