Scenario description
Assume TSMC makes a binding commitment by 2027-03-31 to proceed with a Texas fabrication campus of at least $20 billion, after U.S. federal policy extends or replaces the advanced-manufacturing tax credit that had been scheduled to expire at the end of 2026. The commitment covers a Texas campus with one or more fabrication plants intended to supplement TSMC's Arizona manufacturing hub. The exact credit rate, qualified-cost base, construction schedule, equipment order timing, and any state or local incentive terms are not specified in the supplied evidence.