Taiwan Semiconductor rises as it reportedly considers Germany for its first European plant
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Taiwan Semiconductor (NYSE:TSM) shares rose fractionally in premarket trading on Friday as the global foundry is reportedly considering Germany for its first European plant.
The chip manufacturer, which produces chips for clients such as Apple (AAPL), Nvidia (NVDA), Advanced Micro Devices (AMD) and others, is looking at Dresden in the German state of Saxony for the plant, according to the Financial Times, which reported the news.
The news outlet added that Taiwan Semiconductor (TSM) is slated to send a team of executives to Germany early next year to discuss government support for the plant, as well as speak with suppliers to gain a better understanding of how they could help the plant, the news outlet added, citing people familiar with the matter.
Taiwan Semiconductor (TSM) did not immediately respond to a request for comment from Seeking Alpha.
In June, it was reported that Taiwan Semiconductor (TSM) was looking at building a plant in Europe, but company Chairman Mark Liu told investors it had no "concrete plans" at the time and was still evaluating the possibilities.
Taiwan Semiconductor (TSM) has worked to expand its global footprint with factories all over the world, including its plant in Arizona, which it said earlier this month that it was tripling in size to $40B.
Speaking at an event to coincide with President Biden's visit to the Arizona plant, Taiwan Semiconductor's (TSM) Liu said the new manufacturing fab would generate $10B in revenue when it is up and running.
The company also started construction on a plant in Japan in March and may look to expand its presence in the Asian nation, but it has no definite plans at this time.
Earlier this month, Taiwan Semiconductor (TSM) reported November net revenue of ~NT$222.71B, up 5.9% from October and 50.2% year-over-year.