The Biden administration has finalized Taiwan Semiconductor Manufacturing Company’s (TSM) Chips Act incentive funding to support its U.S. fabrication sites.

The White House on Friday announced it had finalized an agreement with a major semiconductor manufacturer to invest billions of dollars in facilities in Arizona as President Biden looks to cement parts of his legislative legacy before leaving office in January.

The U.S. Commerce Department said Friday it has finalized a $6.6 billion government subsidy for Taiwan Semiconductor Manufacturing Co's U.S. unit for semiconductor production in Phoenix, Arizona. The binding contract - after a preliminary agreement announced in April - is the first major award to be completed under the $52.