STORY: President Joe Biden trumpeted the return of manufacturing to America on Tuesday-
-as one of the world's top chipmakers said it's TRIPLING its investment there...
...to the tune of $40 billion dollars, among the largest in U.S. history.
Taiwanese chipmaker TSMC says its money will be poured into two new plants in the state of Arizona.
Biden toured the project, calling it a boost for America's ability to produce advanced chips in its own borders.
"TSMC is investing $40 billion dollars here in Arizona, the largest foreign investment in the history of this state. Over 10,000 construction jobs and 10,000 high-tech jobs will be created."
TSMC is the world's largest contract chipmaker-
-and the chips it makes for its clients go in everything from fridges to fighter jets to iPhones.
Company chairman Mark Liu estimates an annual revenue of $10 billion when the two U.S. factories open.
13,000 high-tech jobs are also expected to be created.
And Apple, NVIDIA and AMD all say they expect their chips to get made there.
Apple CEO Tim Cook joined Biden at the facility on Tuesday.
"As many of you know, we work with TSMC to manufacture the chips that help power our products all over the world. And we look forward to expanding this work in the years to come as TSMC forms new and deeper roots in America."
The bigger bet from TSMC is a big win for Biden...
after supply chain issues disrupted the U.S. economy early in his presidency.
It also follows the passage this summer of Biden's Chips and Science Act,
which provides $52 billion in subsidies for chipmakers based in the U.S. -
-and has fostered investments from the likes of IBM.
The reliance on advanced chips made within Taiwan has sparked concern-
as China has ramped up military pressure to assert its claims of sovereignty over the self-ruled island.