N2/A16 yield transfer
holds
misses
construction labor
eases
binds
TSMC Arizona ramp flywheel: CHIPS tranches, equipment, yield parity, premium customers
Fab 21 campus - Phoenix
Fab 1 - P1
N4 parity first
Fab 2 - P2
equipment in
Fab 3 - P3
construction
Fab 4 + AP1
packaging prep
scope: 4 fabs + first advanced-packaging (SoIC)
CHIPS tranche
milestone gates
Equipment
fills capacity
Yield parity
N4 gate ok
Premium customers
locked-in set
$265B
plan
recycle stalls
labor throttle
tranche to tooling
wafers past gate
wafers sell
recycle: revenue +
grants to next tranche
reported sold out
into 2027
Construction labor
gates Fab 3 + 4, AP1
Labor binds
Fab 3 + 4 stall
Yield transfer
must repeat at N2/A16
Transfer miss
loop breaks
labor-bound
1
2
3
4
5