Taiwan Semiconductor (NYSE:TSM) stock is on the move Tuesday as investors prepare for President Joe Biden to visit the company’s Arizona plant.
The U.S. President is planning his visit to the facility to thank the company for its effort in reducing chip supply chain issues. The $12 billion plant is located in Pheonix, Arizona and Taiwan Semiconductor intends to increase its investment in the facility to $40 billion.
That $40 billion is massive news as it marks one of the largest investments in the U.S. from a foreign business. This comes as the company plans to build a second factory at the location that will open by 2026.
Arizona Is a Political Battleground
President Biden’s visit to Arizona makes sense as he won the state during the 2020 Presidential Election. That saw him beat out former President Donald Trump, who previously won the state in 2016.
With that in mind, it makes sense that President Biden will want to highlight the success of Taiwan Semiconductor’s investment in the state. It’s a feather in his cap for the upcoming 2024 elections. Both Biden and Trump are planning to run again in the next presidential race.
Currently, TSM stock isn’t performing well ahead of President Biden’s visit. Trading isn’t overly strong and the stock is down 1.4% as of Tuesday morning. However, that could change following his visit to the factory.
Investors seeking out more of the latest stock market news will want to stick around!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.