Taiwan Semiconductor Manufacturing Co. TSM said that its investment strategy in the United States remains unaffected despite Donald Trump’s recent election win.

The statement came after speculation about potential changes to its plans following Trump’s critical remarks on Taiwan’s semiconductor industry, SCMP reports.

Taiwan Semiconductor, a major supplier to tech giants like Apple Inc. AAPL and Nvidia Corp. NVDA, is proceeding with its $65 billion investment in advanced semiconductor production facilities in Arizona.

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Throughout his campaign, Trump accused Taiwan of undermining the U.S. chip industry.

In a podcast appearance last month, he criticized the Chips Act, labeling it “a poor strategy,” suggesting tariffs would have been a more practical approach than offering subsidies to wealthy corporations.

The Biden administration recently notified Congress about imminent awards from the Chips Act, expected to benefit Taiwan Semiconductor, GlobalFoundries Inc. GFS, and a third unnamed semiconductor company.

The Act incentivizes chipmakers to expand U.S. production, allocating $37 billion across 21 preliminary agreements.

Despite concerns over Trump’s criticism of the Chips Act, Taiwan Semiconductor’s stock has shown resilience. The stock gained further momentum following a surge in Nvidia’s share price.

Taiwan Semiconductor has notified its clients in mainland China that it will cease production of advanced chips for them. The decision affects customers seeking chip designs using 7-nanometer technology or smaller, SCMP cites familiar sources. The notice reportedly takes effect next week.

Mainland China contributed 11% to Taiwan Semiconductor’s third-quarter revenue, whereas North America accounted for 71%, SCMP cites Visible Alpha by S&P Global Market Intelligence data.

Taiwan Semiconductor posted fiscal third-quarter revenue of 759.69 billion New Taiwan dollars ($23.50 billion), marking a 39% increase and surpassing both its guidance range of $22.4 billion—$23.2 billion and analyst expectations.

The company credited strong demand for smartphones and AI applications, driven by its advanced 3nm and 5nm technologies, with Needham’s Charles Shi noting Apple as a key contributor. Gross margin widened by 350 basis points to 57.8%. For the fourth quarter, Taiwan Semiconductor projects revenue of $26.1 billion—$26.9 billion, exceeding the Street’s forecast of $24.86 billion.

Taiwan Semiconductor stock gained over 98% year-to-date.

Price Actions: TSM stock is up 2.60% at $206.43 premarket at the last check on Friday.

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