TSMC’s Arizona subsidiary is set to receive up to $6.6 billion in U.S. government funding under a preliminary agreement announced by the Biden administration on Monday. 

The funding, under the U.S. CHIPS and Science Act, will support TSMC’s more than $65 billion investment in three cutting-edge fabrication plants in Phoenix, Arizona, according to the nonbinding agreement.

The Taiwanese multinational semiconductor company is also eligible for around $5 billion in proposed loans under the…