TSMC(US:TSM) Xin Lang Cai Jing·2026-01-12 23:09Core Viewpoint - TSMC's investment in the U.S. has reached $165 billion, but the U.S. government is pushing for further investment, raising concerns in Taiwan about TSMC becoming "Americanized" [1][2]. Investment Plans - TSMC announced an additional $100 billion investment in the U.S. last year, bringing the total investment to $165 billion, which includes a $65 billion plan for a semiconductor factory in Arizona [2][3]. - U.S. Commerce Secretary Gina Raimondo indicated that TSMC's future investments may exceed the current $165 billion, hinting at further expansions [3]. Compliance and Conditions - The U.S. government pressured TSMC to comply with "DEI (Diversity, Equity, and Inclusion)" clauses in their contracts, which led to the additional investment requirement [2][3]. - TSMC's compliance with these clauses was a condition for the U.S. to waive certain contractual obligations, resulting in the current investment agreement [3]. Manufacturing Costs - TSMC's manufacturing costs in Arizona are significantly higher than in Taiwan, with the cost per wafer at $16,123 in Arizona compared to $6,681 in Taiwan, primarily due to labor and material costs [7]. - The higher costs in the U.S. are expected to pressure TSMC's profit margins, with predictions of continued financial strain from its U.S. operations [7]. Strategic Implications - The U.S. aims to reduce reliance on Taiwan for semiconductor manufacturing, positioning TSMC as a strategic asset in its efforts to bolster domestic production [5][6]. - Concerns have been raised in Taiwan regarding the potential "de-Taiwanization" of TSMC, as the company may shift its focus and resources to the U.S. market, impacting Taiwan's semiconductor industry [8]. Political Context - The Taiwanese government is perceived to be leveraging TSMC's investments in the U.S. for political support, which may ultimately weaken Taiwan's position in the global technology landscape [8]. - The situation reflects broader geopolitical tensions, with the U.S. using economic strategies to influence Taiwan's semiconductor sector and its relationship with China [8].