Taiwan Semiconductor Manufacturing Company Limited [NYSE: TSM] declared today it has decided to build a $12 billion chip plant in the US state of Arizona. Taiwan group disclosed that this decision will create 1,600 jobs in the US amid tension between the US and China.

President Donald Trump before raised concerns about the US dependence on South-Korea, China, and Taiwan for the manufacturing of microelectronics and other important technologies.

To avoid these issue Trump has earlier decided to start new chip factories in the US but in the meantime, the Taiwan group announced the development of the new chip factory and disclosed that it has got the support of both the federal government and the state of Arizona.

As coronavirus continued to spread across the world, there have been 1,457,593 cases and nearly 86,912 died in the US. The latest figures revealed that almost 36 million people filed for unemployment benefits in the US. In this difficult time, the decision of new factory development will create new jobs for the Americans.

TSMC is following the upward trend in the market as the shares soared 0.73%, and +0.38 points up during the last trading session. The shares of TMSC has a current value of $49.76. Taiwan Group has a total market capitalization of 253.24 billion. TMSC has a current operating margin of 30.60% and the gross margin of 48.50%.

Taiwan company’s profit margin is 28.30%, and its Return on Investment (ROI) has reached 18.10%. Its Return on Equity (ROE) is 20.20%, and its Return on Assets (ROA) is 14.90%. TSM has a trading volume of 13,695,619 as contrasted to its average volume of 10.28 million.

TSM stock price has been found in the range of 49.79 to 52.15. TSM has decreased by -14.08% from its 52-week high, and it has increased 40.13%% from its 52-week low at its current price.

Taiwan company has disclosed that it will start the construction of the plant in 2021 and it is anticipated that the construction will be completed in 2024. TSMC played an important role in the making of smartphones, servers running the internet, and the laptops.