01:56 PM EDT, 05/14/2024 (MT Newswires) -- Taiwan Semiconductor Manufacturing's ( TSM ) intends to start construction of its first European plant in Q4 in Dresden, Germany, Reuters reported Tuesday, citing Paul de Bot, the company's European chief, speaking at a conference in the Netherlands.

Production is scheduled to begin in 2027, the report said.

The chipmaker is hoping to get a subsidy for the project under the European Chips Act, Reuters reported.

Meanwhile, TSMC does not have to use industry supplier ASML's next generation "High NA EUV" machines for the A16 node, its upcoming generation of chip manufacturing technology, Reuters reported, citing a company executive at the conference in Amsterdam.

TSMC did not immediately reply to MT Newswires' request for comment.

Shares of TSMC rose 2.8% in recent trading Tuesday.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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