ISTANBUL 

Taiwanese semiconductor giant Taiwan Semiconductor Manufacturing Co. (TSMC), is planning to invest $100 billion in semiconductor manufacturing infrastructure in the US, President Donald Trump announced Monday at the White House, according to CNN.

Trump said the investment is expected to generate tens of thousands of jobs and help construct two more sophisticated chipmaking facilities in Arizona, joining the company's current three that are already under construction.

The announcement raises TSMC's US investments to almost $165 billion, according to Trump.

“This is a tremendous move by the most powerful company in the world. It’s a matter of economic security, it’s also a matter of national security for us,” he said.

Trump stated that the TSMC investment and “a couple of others that we’re doing” could bring the US to 40% of the global semiconductor market.

“We’re going to produce many chips to support AI progress and to support smartphones progress,” TSMC CEO Wei said during the event Monday. Wei also thanked TSMC customers such as Apple, Nvidia, AMD, and Qualcomm.

TSMC is the world's biggest semiconductor manufacturer, and in the last five years the company has invested $65 billion in the US.

Tech companies announced investments in the US in the first weeks of Trump's presidency.

Oracle, OpenAI and SoftBank announced in January that they would establish the Stargate Project to invest up to $500 billion in AI infrastructure in the US.

Apple also announced last week a $500 billion investment plan to expand facilities, manufacturing, and projects across the United States.