A dominant player in the global chip industry, the country hopes the incentives would help it cement the security of its supply-chain security while boosting the economy

The move is an effort to bolster ASML's relations with customers like Samsung and SK Hynix in the face of new US chip sanctions against China

Taiwan, home to the world's largest contract chipmaker, TSMC, plays an outsized role in providing chips used in everything from cars to fighter jets

Its operating profit rose to 14.1 trillion won ($10.8 billion) for the quarter ended June 30 from 12.57 trillion won a year earlier, higher than the company's own estimate of 14 trillion won

The "Chips and Science" act provides about $52 billion in subsidies for US semiconductor production and an investment tax credit for chip plants estimated at $24 billion

The bill provides about $52 billion in subsidies for US semiconductor production as well as an investment tax credit for chip plants estimated to be worth $24 billion

Intel didn’t give financial details but said the first products would be manufactured in the next 18- to 24-month period

Historically, chip demand – such as for computers in the 1980s, cellphones in the 2000s and smartphones in the 2010s – would lead manufacturers to aggressively expand capacity.

The South Korean giant has applied for incentives in 11 potential chip manufacturing facilities in Texas, according to documents filed with state authorities.

Chief executive Hidetoshi Shibata said a shortage of supplies of raw materials in Europe and North America was a greater risk than boosting production in Japan

The US Senate this week gave its nod to a much-debated semiconductor bill that seeks to hand billions of dollars in sops for the computer chips industry

Samsung and SK Hynix are already among the world's top semiconductor brands, but President Yoon seeks to bolster supply chain stability and resources