Apple Prepares to Get Made-in-US Chips in Pivot From Asia

$Apple(AAPL.US)$ is preparing to begin sourcing chips for its devices from a plant under construction in Arizona, marking a major step toward reducing the company’s reliance on Asian production.
Chief Executive Officer Tim Cook made the disclosure during an internal meeting in Germany with local engineering and retail employees as part of a recent tour of Europe, according to remarks reviewed by Bloomberg News. He added that Apple may also expand its supply of chips from plants in Europe.
Cook is likely referring to an Arizona factory that will be run by Taiwan Semiconductor Manufacturing Co., Apple’s exclusive chip-manufacturing partner. That plant is slated for a 2024 opening. And TSMC is already eyeing a second US facility, part of a broader push to increase chip production in the country.
Shares of $Taiwan Semiconductor(TSM.US)$ climbed as much as 2.9% in Taiwan trading Wednesday after Bloomberg News reported on Cook’s remarks. Apple was little changed.
TSMC’s stock surged 7.9% on Tuesday after Warren Buffett’s $Berkshire Hathaway-A(BRK.A.US)$ $Berkshire Hathaway-B(BRK.B.US)$ disclosed it had taken a stake in the company.