TNB Tech Minute: Trump, TSMC Announce $100 Billion Investment in U.S.
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This episode is brought to you by Charles Schwab. Decisions made in Washington can affect your portfolio every day. Washington Wise from Charles Schwab is an original podcast that unpacks the stories making news there. Listen at schwab.com slash Washington Wise. Here's your TNB Tech Minute for Monday, March 3rd. I'm Julie Chang for The Wall Street Journal.

Taiwan Semiconductor Manufacturing plans to invest at least $100 billion more in chip manufacturing plants in the U.S. over the next several years.

President Trump and the company announced the plan earlier today. TSMC plans to use the funds to add to its chip manufacturing in Arizona. At a White House appearance with the president, TSMC's CEO said the company will construct three new chip plants, two chip packaging plants, and a research and development center. The company's expansion would advance the U.S.'s goal to bring back the domestic semiconductor industry after manufacturing largely went to Asian countries in recent decades.

Two tech executives are heading to trial over foreign bribery, despite President Trump putting the law against it on hold. Gordon Colburn and Stephen Schwartz are two former executives at Cognizant Technology Solutions. They were charged in 2019 over their alleged involvement in paying bribes in India, where the company has a large presence. The men, accused of authorizing a $2 million payment, have pleaded not guilty. They

They are about to go on trial under the U.S. Foreign Corruption Practices Act, but President Trump signed an executive order last month to put a halt to initiating any investigations or enforcement actions under the statute. Jury selection will begin Wednesday. A lawyer for Coburn and a representative for the Justice Department declined to comment. A lawyer for Schwartz didn't respond to requests for comment.

And microchip technology is slashing more jobs amid declining sales. The chipmaker says it's reducing its workforce across manufacturing and corporate operations by about 2,000. The Arizona-based semiconductor company said the cuts will be at facilities in Oregon, Colorado, and in the Philippines. It expects to incur about $30 to $40 million in severance and benefits costs.

The company had already been readjusting its structure. In December, Microchip said it would close its Fab2 facility in Tempe, Arizona. In its most recent quarter, the company reported net sales of about $1 billion, down 42% from the prior year period.

For a deeper dive into what's happening in tech, check out tomorrow's Tech News Briefing podcast. At KPMG, we make the difference by creating value, like developing strategic insights that help drive M&A success or embedding AI solutions into your business to sustain competitive advantage. KPMG, make the difference. Learn more at www.kpmg.us slash insights.