The Taiwan-based company announced plans yesterday to triple its investment in US operations from an initial $12bn to $40bn and build a second production facility in Arizona.

The move marks one of the largest foreign investments in US history and has been hailed as a major milestone in bolstering domestic chip-making capabilities.

TSMC chairman Mark Liu revealed that the first fabrication plant is on course to be operational by 2024 while the second plant is expected to be up and running by 2026.

Liu added that the fabrication plants will deliver around 13,000 high-quality jobs and are expected to produce 600,000 chips each year - enough to meet growing demand from American manufacturers.

Once operational, the fabs will produce some of the most advanced chips currently available, including the four-nanometer and three-nanometer chips which are used to power Apple’s M-Series and A-Series processors, along with a host of Nvidia and AMD products.