Intel was among the largest beneficiaries of the US push to onshore critical chip manufacturing led by the Biden administration.
The US Commerce Department said in November it was finalizing a $7.86 billion government subsidy for Intel. The company is one of a few chipmakers that design and manufacture semiconductors.
TSMC boasts a market valuation about eight times larger than that of Intel. The Taiwanese company’s customers include AI chip leader Nvidia and AMD, which is Intel’s fierce rival in PC and server markets.