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The unit that drives semiconductor economics is cost per wafer.
Taiwan Semiconductor Manufacturing Company built its position on a cost structure that decades of Taiwan-based operations made possible, and since Trump returned to power in 2025, the company has announced $200 billion in U.S.
That figure is now running directly into the cost model that built TSMC's margin profile. The cost differential and where it sits Building and operating leading-edge fabs in the United States costs more than in Taiwan.
Construction, operating overhead, and utility pricing all run higher on American soil. TSMC's margins were built on the Taiwan cost base. Shifting production capacity to U.S.
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