Geopolitical Risks, Export Controls, Tariffs and Overseas Fab Expansion

Taiwan's approval of approximately US$44B in TSMC U.S. investment reinforces the broader US$265B Arizona localization program, and Gudeng's Arizona operations indicate supplier-base execution. Elon Musk says Tesla and SpaceX, not TSMC, are expected to build and operate the proposed Texas terafab, with TSMC potentially only subleasing space; no TSMC agreement, site, timeline, capacity or economics are confirmed.