TSMC, the world’s top producer of AI chips, plans to invest an additional $100 billion in US plants that will boost its chip output on American soil and support President Donald Trump’s goal of increasing domestic manufacturing.

TSMC shares rallied 4.4% in morning trading.

TSMC Chief Executive Officer C.C. Wei joined Trump at the White House to unveil the company’s vision for expanding a US footprint that got its start in 2020 during the president’s first term. Trump said the move means “the most powerful AI chips in the world will be made right here in America.”

As envisioned, the spending marks one of the largest outlays by a foreign firm in US manufacturing. The spending adds to $65 billion in planned TSMC investments in the US and would eventually bring its American presence to a half-dozen plants for advanced wafer fabrication and a couple more for advanced packaging.

“Without the semiconductors, there is no economy powering everything from AI to automobiles to advanced manufacturing,” Trump said from the Roosevelt Room.

TSMC is the world’s leader in production of advanced semiconductors used for artificial intelligence, and it serves as the main chip manufacturing partner for Nvidia Corp. and Apple Inc. Following the announcement, Nvidia said it would rely on the new TSMC plants to anchor a resilient technology supply chain in the US.