President Biden gives speech at TSMC chip plant in Arizona.

Yahoo Finance Live's Seana Smith reports on President Biden's trip to TSMC's Arizona chip plant.

Video Transcript

SEANA SMITH: All right, President Biden speaking in Phoenix, Arizona right now at the future site of a $12 billion Taiwan Semiconductor Manufacturing plant. Now the chip maker saying that it's tripling its investment in the Grand Canyon state to $40 billion, adding a second facility nearby in 2026 that will produce its advanced M3 chips. Now the company's founder Morris Chang will be joining the president, along with the head of Micron and Nvidia. You're looking at live pictures from that event in Phoenix, Arizona right now.