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Taiwanese chipmaker TSMC (2330.TW) said on Tuesday its board had approved a plan of capital injection of up to $3.5 billion to TSMC Arizona.

TSMC in December tripled its planned investment at the Arizona chip plant, which began construction late last year, to $40 billion.

The company said the capital injection is part of the planned $40 billion spent.

The factory, among the largest foreign investments in U.S. history, will start production in 2024, using advanced 5 nm technology.

TSMC expects its Phoenix factories to create 13,000 high-tech jobs, including 4,500 under TSMC and the rest at suppliers. (Reuters)