Taiwan Semiconductor Manufacturing Co. is considering a Texas campus with multiple semiconductor fabrication plants costing at least $20 billion each, adding to its $265 billion U.S. expansion centered on Arizona. The Texas discussions remain preliminary and depend partly on extending an advanced-manufacturing tax credit created under former President Joe Biden’s 2022 Chips Act and increased to 35% last year. TSMC’s U.S. buildout is intended to meet surging artificial-intelligence chip demand and reduce exposure to geopolitical and supply-chain risks, but analysts say it will not fully replicate Taiwan’s dense ecosystem of suppliers, packaging capacity and leading-edge research. TSMC is also pursuing facilities in Japan and Germany and discussing possible investment with Singapore, while Taiwanese officials and executives maintain that the most advanced research and development will remain in Taiwan.