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Fortune
Fortune
Prarthana Prakash

Germany is copying Biden’s CHIPS act with massive factory subsidies—and it’s paying off

TSMC Germany Europe Olaf Scholz Semiconductor Intel Corporation Dresden CC Wei European Union
A logo of TSMC (Credit: AMBER WANG—AFP/Getty Images)

Europe is looking to outmaneuver the geopolitical tensions threatening its supply chain by tempting the world's largest technology companies to its doorstep—a plan which seems to be working.

The world's second-largest chip manufacturer, the Taiwan Semiconductor Manufacturing Company (TSMC), announced on Tuesday it will be opening a €10 billion ($11 billion) factory in the German city of Dresden.

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