apple is a major client of tsmc.how the company achieves all this in the shadow of china. >> from your perspective, what explains the taiwan miracle? this is now a place that has grown at 5% a year for five decades. there are very few places in the world that have managed that. what explains the taiwan miracle? >> looking from outside it appears to be a miracle. for the people working hard on the island it is just the history of fighting. i think, to be honest, compare with other nations, particularly in asia. i think one of the key components is taiwan is a peaceful society. it maintains peace since 1949 to today, 70 years it's a peaceful island. during the time that taiwan has transformed from a authoritarian state into a democratic state, a democratic society, peacefully, this is marvelous. if you look at nations around the world, having such a smooth transition, peaceful transition, we are fortunate to be honest. if you talk about the miracles, i also think there's one things that very distinctly different. it's

nobody can control tsmc by force.tary force or invasion, you will render tsmc factory nonoperable because this is such a sophisticated manufacturing facility, it depends on the real time connection with outside world, with europe, with japan, with u.s. from materials to chemicals to spare parts to engineering software diagnosis. it's everybody's effort to make this factory operable. so if you take it over by force, you can no longer make it operable. in terms of the china business. today compose about 10% of our business. we only work with consumer. we don't work with military entity. we only work in consumer market. we think that is a consumer pulse is important and it is vib vibrant, and if they need us, it's not a bad thing. >> expand on that. why is it not a bad thing. >> because our interruption will create great economic turmoil in either side, in china, because suddenly their most advanced component is supply disappeared. and it will -- it is interruption, i must say, so people will think twice on this. i think

it also leads to -- while dollar might benefit tsmc. profits are going to be a strong because american companies are going to feel the squeeze from a strong dollar. manus: a couple things that come out. one is the dollar plate, two is the reduction. that has a huge impact in terms of global -- why comes to benchmarking these numbers, around 7.8%, that is not a big increase as we have estimated. thank you to debbie, on the terms of the innate income -- net income. dani: just fighting tsmc, up and trading right out in taiwan, nearly 1%. the entirety of asian markets more or less flat. manus: tech is going to be key function in that your session. in the chips, let's see how that performs through the day. with joe biden making his first visit to the middle east and declaring a deep bond between the united states and israel. >> president biden just wrapped up his first day on his inaugural middle east to her as president of the united states. he was in tel aviv, and jerusalem. today he will have a joint press conference to make statements ne

tsmc is not sort of seemed like much impact from the strong dollar.is still demand and high inflation that is going to affect chipmakers around the world. rishaad: just looking at the slowdown that we have seen in of course pc demand, this is a curious one here, debbie, but you know, a year or two ago, there is a massive proportion of sales going to bitcoin minors. how is that part of the business doing and does it in anyway kind of re-act to the slowdown, the price fall that we have seen in crib does -- in crypto? debby: the demand for chips from companies like nvidia, in this case,, even before the pandemic, because there was once sort of a mini clashing event for cryptocurrency -- a mini crashing event. they did say at one point they are not expanding capacity specifically, so tsmc has managed crypto related risks fairly well. rishaad: well, thank you very much debbie. asia tech reporter debbie wu. you can turn to bloomberg for more on those earnings. go to tliv . let's have a look at first word news as we head to new york to join vonnie quinn.

tsmc has a $12 billion plant under crux in arizona -- under construction in arizona. i pause here, i've met with representatives from these companies. tsmc noted this my conversations with high-ranking executives that that plant isn't made contingent on any legislation we're producing. they're doing that because it makes good business sense, not because it's their last-gasp effort. this is a profitable company doing well. for the united states to be considering giving money to -- whether to domestic companies or foreign ones under these circumstances in this amount of money makes no sense. the editorial continues, quote, one unfortunate impetus behind this bill is that for all their talk about competing with china, many politicians believe that beijing's planning is superior to the u.s. free market system. it reminds us of the 1980's when c.e.o. andrew grove warned that japan was going to dominate the future of global technology. as former c.e.o. t.j. rogers explained on these pages last year, the government set up the semantic chip consortium that, quote, was object

tsmc has a $12 billion plant under construction in arizona. i pause here to note that in meeting with representatives from some of these companies, including tsmc, noted in my conversations with high ranking executives at that company, that that plant isn't made contingent on any legislation we're producing, they're doing it because it makes good business sense, not because it's their last gasp effort. this is a profitable company doing well and for the united states to be considering giving money to-- whether to domestic companies or foreign ones under those circumstances in this amount of money makes no sense. the editorial continues. quote, ununfortunate i am pet dust -- impetus behind that billion, many believe it's superior to the u.s. free market system. in the 1980's, intel ceo andrew groves warned that japan was going to dominate the chip industry and the future of global technology. as former cypress semiconductor ceo tj rogers explained last year, the government set up the symantec chip consortium that was obsolescent when it opened.

it is going to look like manufacturing companies like tsmc and the likes of intel and qualcomm mightless than stellar quarters but that is not indicative of demand, it is indicative of the customers cutting back orders because they are sitting on inventory. is this really an issue or how much is this a disguise on the fact that they over ordered because of supply chain issues knowing they would have a hard time getting chips? we are going to need that before orders can get placed up again. there's a balancing act that i think most of the semiconductor companies are going to have to navigate while they try to fill orders and help their customers get through the inventory they are sitting on so there orders can come back hoping that demand stays high. emily: thank you for digging into that complex web. always good to have you. coming up, the crypto meltdown sparking more calls for regulation. in particular, bankruptcy regulations. that and more coming up next. this is bloomberg. ♪ emily: time for our crypto reports, bitcoin up over the last few sessions but all eyes on the bankruptcy o

well, how about the taiwan semiconductor manufacturing company, tsmc. it is in line to potentially receive billions of dollars in federal grants under this bill. madam president, it might be interesting to know who the largest shareholder of tsmc is. well, if you guessed the government of taiwan, you would be correct. which should come as no surprise to anybody who studies how other countries throughout the world conduct industrial policy. so let us be clear. when we provide tsmc money, we are giving that taxpayer money directly to the government of taiwan. samsung, another very large corporate entity from south korea, is also in line to receive federal funding under this bill. in other words, not only would this bill be providing corporate welfare to profitable american corporations, but we would literally be handing over u.s. taxpayer dollars to corporations that are owned or controlled by other nations. and on and on it goes. so, madam president, let me be very clear. i believe in industrial policy. i do. i believe that it makes sense on certain occa

like these results and it looks like the whole sector is rallying any red flags to be aware of >> tsmc. the company management did acknowledge that customer inventory levels are elevated. what does that mean for future orders the second point, we've talked about a lot, the slowdown in pc sales and handsets and consumer electronics as a whole the third point is that supply chain issues are still persisting within equipment so much so that the company itself is lowering its capex. that could mean that there will be delivery delays going forward because they just can't get the tools that they need nonetheless, sentiment is pretty strong you're seeing qualcomm and analog both possibly hitting their second week in a row of positive territory and amd getting a price target uplift of 15% higher from bank of montreal so sentiment is strong with tsmc but there are some spots to focus on and keep in mind for the future for semis. >> got it. thank you, kristina partsinevelos. >>> i want to move on to ev news because we got a lot of that, including a pair of analyst calls on tesla morgan stanley l

we heard something similar from tsmc earlier this week as well, but it could trim spending on expansion by as 9% this year from initial projection. we will be watching this very closely at the open and south korea as bloomberg has learned that they are weighing slashing spending by a quarter in 2023. haidi: the bloomberg dollar index jumping to a fresh record in terms of the recession, inflation fears are growing. that's bring in our correspondent for asia. garfield reynolds. we talked about this virtuous cycle of gains for the dollar, and it just continues. garfield: yes and no, it could stall out, depending on what goes on with the rate cut, it was very interesting in the market basically asked the question of the fed, does 9.1% annual inflation means 100 basis points of hikes. so far the answer means no. we will stick with 75. so, if we do get that slowdown in expectations that the fed will just keep accelerating no matter what, then if we have the slowdown in expectations, we could get a slowdown in the dollar. that's from the u.s. side. from the other side, what's been going on in

and taiwan semiconductor company tsmc, as it's called, is building a $12 billion plant in arizona. they've already broken ground on that plant, but they've made it clear that their willingness to make that investment and complete that fab will depend on our passage of the chips for america act. and once this legislation passes, i expect more good news to follow. this is not just good news for individual states but also for our national economy and our global competitiveness. madam president, we're not used to providing these kind of financial incentives to businesses, but when it costs 30% less to build these manufacturing facilities across the seas in ashah and -- asia and our access toss that supply chain is potentially jeopardizes by very real threats, it is a necessary investment for us to make, and we're seeing other places around the world providing similar incentives. for example, in the european union. but that doesn't necessarily solve our supply chain problem. we need those jobs and that annvestment here in america for us to be truly safe and secure and to reap the econom

whether helps other chipmakers, like tsmc, samsung, i questions about that.h stocks coming out, elon musk, and his lookout as -- millions have made the switch from the big three to xfinity mobile. that means millions are saving hundreds a year on their wireless bill. and all of those millions are on the nation's most reliable 5g network, with the carrier rated #1 in customer satisfaction. that's a whole lot of happy campers out there. and it's never too late to join them. get unlimited data with 5g included for just $30 a line per month when you get 4 lines. vo: when times get dark, switch to xfinity mobile today. we can't see the help that's all around us. let 2-1-1 be your guiding light. for help with food, health care, and other resources. operator: 2-1-1, how can i help you? vo: call 211 or visit 211.org 2-1-1 get connected. get help. yvonne: all right, 11:29 in tokyo, just heading into that lunch break. corona once again in this face to face kind of lockdown or showdown with bond traders still. boj is the next one. david: as yvonne pointed out, just a fe

there has been a lot of crosscurrents, tsmc pretty good, mike braun -- micron maybe not so much, asmlat are we expecting? >> last week they raise their sales forecast but also said they would delay spending. this could impact asml as well. investors might still be worried about demand, so any forward-looking comments on-demand will be a key thing to watch. dani: and finally, sap, one of germany's big tech companies, they have reoccurring revenue that might shield them from some of the downturn, will that be their saving grace this quarter? >> sap has a lot of recurring revenue. a lot of the portfolio is tied to the back office and that is the first area that gets hit in a downturn. bloomberg intelligence expects a decline in new lessons sales -- license sales. sap might not deliver the protection it normally does. dani: leonard walking us through some of the earnings to come this week. wall street banks are boosting second-quarter earnings. we will decide --dive into the results so far as well as those to calm. dani: welcome back to bloomberg daybreak: europe. happy monday, i'm dani b

also the good results from tsmc, samsung earlier this month.igns that -- supply chain disruptions are easing. some saying that recession risks are already priced in. another strategist is looking at a different sector. this is a city index and what they say is that businesses will also be continuing to upgrade their cloud computing ai operations. that's another factor drives demand for chips. >> coming up next, mattel second-quarter earnings beat estimates but margins were squeezed due to inflation and higher supply chain cost. the ceo joins us to go through those numbers next. this is bloomberg. ♪ they missed on revenue and that is creating concerns about cad dependent tech giants like meta. at&t is unchanged, but we saw them fall in the regular session on the news that customers are failing to pay their phone bills. >> in mattel, we saw the margin compression story being part of shrinking. there were supply chain issues and royalty costs. we are joined by the chairman and ceo now. margin compression story is not unique to mattel. tell us more

in korea, one of the top two customers of tsmc, and more manufacturing capacity in different geographies more suppliers such as intel -- that's great news for the industry, so we are very excited about it, even though we are not a direct beneficiary of the funds, but it creates more capacity and supply for our chips. emily: with this head off supply disruptions like those we have seen with covid? >> i think the way to think about this because this is not going to have any short-term impact -- this is about building a more resilient and geographically diverse supply chain for semiconductors. over time, i think we are going to build the infrastructure in place that will allow us to grow as an industry and have a more resilient supply chain. emily: let's talk about your results. a beat on earnings, but the guidance came in a little light. we talked about a challenging macro environment. you said the smartphone market will be smaller than or cast. let's talk about that word "challenging." how challenging do you expect macroenvironment to continue to be? >> i'll talk about that but i also wan

tsmc, fractional losses. some movers in hong kong, here we go.rt seller, blue orca, some allegations there. the company is saying it is reviewing allegations and considering action to protect the interest of shareholders. do we have that? thank you. 11% down. yvonne: perhaps a bit of disappointment on what prices are. down 14%, session lows for that stock. certainly alibaba, yeah, that optimism yesterday is gone today. new worries on europe's energy crunch, as russian and insiders tell us the gas crunch will continue. details just ahead. this is bloomberg. ♪ this is xfinity rewards. our way of showing our appreciation. with rewards of all shapes and sizes. [ cheers ] are we actually going? yes!! and once in a lifetime moments. two tickets to nascar! yes! find rewards like these and so many more in the xfinity app. >> looking at japanese markets into the lunch break. there is a lot going on. we are waiting for the fed. there are some concerns about growth. away from the harmful rays of the sun. inflation is a problem in most of these places except

companies that could benefit from this are the likes of tsmc, samsung, and also intel, because they haveor fabrication plants. sampson also said in the earnings call just now that the plant will come on line in texas in 2024. david: debby, thank you so much. we will look ahead to the macro implications on this. let's have a look at earnings and tech earnings. we are not done. it is going to be a very big day, the biggest later thursday in the u.s., with about $7 trillion reporting. some very big names coming. yvonne: some breaking news across your bloomberg. jetblue and spirit air, according to our sources, set to be closed -- close to a merger agreement. the deal could come as soon as thursday. that is all we know so far, but we will look out for details once we do get them. maybe consolidation in the aviation space here. meta was the one that came out overnight. shares fell as the company reported the first ever sales declined and adjoins other social platforms in warning that an advertising pullback will hurt the bottom line. let's bring in su keenan with more. su: meta's drop in ad p

tokyo-based company supplies chip fabrication materials to the likes of tm and c -- tsmc.st a dozen times this year due to supply chain snarls, surging energy costs and the ends dramatic weakening. kenny has ordered the chinese backed firm to stop operations at one of the world's largest untapped iron or deposits. this is after the deal to codevelop the project. the west african nation had chinese partner until june 19 to create a joint venture before extending the deadline. bloomberg's inc. told that airbus delivered about 55 jets in june, leaving it close to its for your goal. our sources airbus has ended fewer than 300 planes in this year against the 12 month target of 720. supply chain issues and material shortages are holding back deliveries, even as it seeks to lift production. those inflation concerns, we have an exclusive interview, dave, tell us a little bit about it. david: if you're just listening to us i will tell you right now, philippine central bank governor is joining us and about 40 minutes from now. live from manila of course, he is the newly anointed mon

other chipmakers like tsmc, micron morning about demand. -- warning about demand. part of the reason sales will look weaker for asml, they were able to beat net sales on the second quarter but the gross margin was a slight mist, 49 point five. the estimate, that was the estimate and the actual margin was 49.1. other earnings coming in, volvo cars, the second quarter revenue is amiss. the estimate was 74, 45 billion krona, came in at 71. second-quarter retail sales declined 27%, operating income as well. that looks stronger. a pretty large be down there margin which is rare for companies struggling with costs. ebit margin, had been 70 -- 7.2% area they warned about their china sales so perhaps that is part of the reason for the myths. i know there is a lot here but this is the paint maker saying second-quarter results are impacted by lockdowns in china. they did have a miss for the second-quarter adjusted operating income. a lot of corporations, a lot of moving parts, overall costs are in focus. that is what i will be speaking about with executives from akzonobel an

. $52 billion sounds like a lot of money, but tsmc, taiwan semi conductor, will spend $40 billion to billion on capx just this year. the chips act is over five years. it is modest in the grand scheme of things. it signals the u.s. is uncomfortable doing this kind of industrial policy. it historically has not done it, but this crisis we have seen in the chips industry with chronic shortages that knocked out auto production in particular has forced them to rethink how they do this. instead of focusing on the efficiency of the chip industry, they need to focus on resiliency. emily: meantime, you've got another potentially big shift happening and the chip industry itself, qualcomm missing estimates. we are hearing from the ceo of qualcomm right now on their earnings call, saying the phone market is smaller than forecast this year. we talked so much about the lack of chip supply. are we now going to see a glut of chip supply? these cycles do happen in the chip industry all the time. peter: that is the big question, we do go through these cycles. we have had shortages for so many years. wa

we continue to see this ship rally fueling tech today, whether it is tsmc with their earnings coming, and samsung with their earnings yesterday certainly lifting the sector overall. this is bloomberg. ♪ this is xfinity rewards. our way of showing our appreciation. with rewards of all shapes and sizes. [ cheers ] are we actually going? yes!! and once in a lifetime moments. two tickets to nascar! yes! find rewards like these and so many more in the xfinity app. >>>> the u.k. is going to have a de facto lame dog prime minister in the midst of what can be a very severe economic downturn. you have clearly got very dramatic increases in national gas prices coming, very high inflation, interest rates ready to rise further. basically most market indicators project a light recession in the u.k.. but this is not the time to be without a captain of the ship. rishaad: that was of a guest from the peterson institute. let's have a look at that u.k. assets and how they are behaving. starling had a jump when we had the resignation of the prime minister, the pound sterling, but very little in terms o

i mean, you've got companies about -- like tsmc spending a hundred billion dollars abroad to increaseapacity and we cannot even get a $15 billion bill pastored what is it going to take, have you been locking -- talking to lawmakers? arvind: we have been talking to lawmakers on this issue, on the chip side for the last year. you have a very strong belief that these are good bills for the united states competitiveness. he believed in the sake of national security, but also business in general. these are good things to get done. the act is essential. emily: will it happen? arvind: i believe the chips act will happen for it i cannot predict exactly when it will happen. will it be part of its own, we are not experts on that. what we can say is that we are happy to put our voice behind the chips act, we are happy to call sellers on both sides. we believe there is bipartisan support actually for these acts. and that is what we are willing to go ask for support. emily: you rapture for acquisition of the year. with these depressed valuation, is that making you open to more m and a? arvind: sho

we're between the top two customers of tsmc in taiwan, been the number one being apple. ability to have more manufacturing capacity built in different geographies, for example the united states with the u.s. chip sec will build resilience to the supply chain and a company like qualcomm, we now have more options and more capacity to build their chips even as intel become a foundry. so you can think about it, now you have one more foundry in the industry. this is all great news and we're not expected to get any money. >> let's go to the next big headline and it hasn't come out yet and that is apple's earnings. we are expecting that they will possibly be dinged by a stronger dollar because something like 58% of apple's smart phone sales come from outside the americas, the strong dollar is weakening the euro certainly, and obviously the japanese yen, which got a little bit stronger today. can you give us some clarity on what you have seen from apple orders for your chips to their hand sets? >> look, we're not in a position to comment specifically about any customer order, bu

even tsmc on their call raised their numbers and said we have a multi-quarter inventory correction coming. >> but even micron was super negative but the stock went up because a lot was reflected already in there. >> that's what we said earlier you've had five rallies in the s&p this year that have averaged 7% apiece. you've lost 17% of your money. by the way, this is normal during the tech bubble when it broke and the global financial crisis, you had five rallies in the s&p that were between 18 to 21% on your way to losing 50% of your money so this happens. you can look at our twitter account. we've a lot of times said, hey, we think the market is at a short-term low and we think it will bounce, but that's also how we made money. you try to get long -- if you think you're at a short-term bottom and you put your shorts back on after they rally, that's what we're trying to do. >> put the shorts back on. we appreciate the transparency thank you very much, as always >> thanks, sara. >> dan niles from satori dan's shorts are having a good day because it's microsoft, amazon, apple, nvidia all d

my point is just tsmc is building a plant, i think, in arizona, and samsung looking to build a plant in texas at some point it does make economic sense, doesn't it, for you as a corporation to do this anyway, subsidies or not >> i want to be very clear that for memory if there is no chips act micron will not be able to invest because we have to be competitive in other global companies that are in the same space. this is about not having these jobs in manufacturing go to overseas countries if chips is not done, we'll be ceding the future supply to overseas countries and this is what you don't want. for national security reason and, of course -- >> understood. >> tens of thousands, many tens of thousands, hundreds of thousands of jobs here in the u.s. that the semiconductor industry will support with chips getting across the finish line >> sanjay, didn't you just warn a few weeks ago the demand environment currently is changing and is weakening from what we've seen? so i do wonder about the timing here are we on the brink of seeing potentially that shortage go away and in a few years i

double and triple ordering and i think that's what you're seeing today not only is it micron but it's tsmc orders are slowing and that has big implications as well so for now i think we just stay away, get through earnings i do agree that maybe we're getting closer to the bottom because it's already down 30, 40, 50%. but i would pick my spots carefully. broadcom is a name i have my eye on but there are names that are starting to get on the valuation side more interesting. we've just got to get through the e part of the earnings and evaluation story. >> vivek, how can we think about the double ordering issue that so many investors are concerned about and maybe when that's all through on the other side of it demand is even weaker than what we're seeing right now >> sure. so i think there are pockets of semiconductors where there could be double ordering risks you know, these tend to be exposed more on the commodity side so, for example, memory there are greater double ordering risks because you can exchange products from different suppliers. but there are other parts of the semiconductor mar

production and was seen as one of the key things is there foundry business which they aim to grow as big as tsmc has not really happened. now when the call start, investors will likely ask that question. haidi: let's take a look at the stock price. it's fallen about 40% since 2021. the chart shows it's the cheapest in about four years. dropping below the pandemic low, the 12 month forward path earnings ratio hitting the lowest levels in recent years. will investors think they are finally cheap enough to buy? reporter: that's a good point. the stock price has become cheaper compared with recent years and portfolio managers told me they find stocks cheap enough to buy again. the stock price of samsung has been going not much in relation, the valuations have a lot more of what matters at this point as they try to find the cheap stocks in the market. shery: if you want to follow more on this story, you can get commentary and analysis from expert editors as we hear from samsung. earnings will be more volatile in the second half versus last year. let's turn to u.s. tech giants after a missed forecast.

lens technology as well as of course tsmc.er look at how markets are faring so far in the asian session. quite a lot of crosswinds when it comes to some apple-let u.s. refer show -- reversals. we are seeing broad downside across most other asian markets. the kospi in particular off by .25% with some apple suppliers affected. next, joseph zidle shares his views on why the u.s. is not headed for a recession. this is bloomberg. ♪ millions have made the switch from the big three to xfinity mobile. that means millions are saving hundreds a year on their wireless bill. and all of those millions are on the nation's most reliable 5g network, with the carrier rated #1 in customer satisfaction. that's a whole lot of happy campers out there. and it's never too late to join them. get unlimited data with 5g included for just $30 a line per month when you get 4 lines. switch to xfinity mobile today. da

other chipmakers were also watching, tsmc, hon hai, and pi otech.ne demand rose above levels last month. so we are watching trading for china oil and gas, and others. coming up in the coming hours, we will be speaking with our guest, jeffrey cleveland, as markets digest the you see the hike in a decade. and the biggest it since 2000. fitch ratings is also joining us, they see china's mortgage crisis is a test of the broader banking system eggs resilience. that is it for ""daybreak asia"." our market coverage continues as we get to the start of trading in hong kong, shanghai and shenzhen. . the "bloomberg markets: china open" is next. this is bloomberg. ♪ -hi, i'm smokey bear and i made an assistant to help you out. because only you can prevent wildfires. -hey assistant smokey bear, call me papa bear because i'm "grrr-illing" up dinner. haha, do you get it? -yes. good job. -so, what should i do with all of these coals? -don't just toss them out. put them in a metal container because those embers can start a wildfire. -i understand, the stakes are hig

look at south korea's investment in samsung and taiwan's investment in tsmc look at silicon valley thear ii and after. they don't spring from a head of a free market but from targeted choice like this chips act >> isn't there a real risk of an oversupply we keep hearing about that possibility already, and we've seen boom-bust cycles before >> that is true, andrew, but not necessarily oversupply in advanced nodes there is a risk that this chips act won't get through the house now with manchin's surprise, right, on this bigger package. >> were hy do you say that >> because the republicans supported it in the senate thinking this wasn't going to happen, that manchin, it was like a flea-flicker move they thought he was going right and he went left we'll see if the democrats can muster all the votes the republicans in the house are saying oh, maybe we won't support this now >> can you help with this in. this >> i'll try. >> there's a lot of, i don't know if it's pork. but there's a lot of stuff that's not chips do you fknow what's in there >> i do not know what's in there. i know there's le

company given that they look, i think the business as we know is lagging behind the nvidia, amd, and tsmcre trying to remodel their business and in the future, they are going to make the chips here in america, can you imagine what that means for manufacturing? they already have a $20 billion investment in ohio in some fab plants they are looking at. stuart: so it'll be a big deal for american manufacturing. >> to bring chips back to america on to u.s. soil it's an interesting transition. stuart: the stock is only at 38 bucks a share kind of depressed actually. >> remember the days when it was in the 140s? stuart: i remember that well, sure. apple, am i right in saying that apple for the first time is offering discounts to shoppers in china? >> i don't think it's the first time but it's rare. i think i've seen that before previously. stuart: are all products discounted? no just the top tier iphones but it's rare, in between upgrade and intracycle between the iphone 13 and upcoming iphone 14 so you're getting four days of discounts on the top tier phones up to $89 off those iphone 13 pros,

and taiwan semiconductor company tsmc, as it's called, is building a $12 billion plant in arizona.hey've already broken ground on that plant, but they've made it clear that their willingness to make that investment and complete that fab will depend on our passage of the chips for america act. and once this legislation passes, i expect more good news to follow. this is not just good news for individual states but also for our national economy and our global competitiveness. madam president, we're not used to providing these kind of financial incentives to businesses, but when it costs 30% less to build these manufacturing facilities across the seas in ashah and -- asia and our access toss that supply chain is potentially jeopardizes by very real threats, it is a necessary investment for us to make, and we're seeing other places around the world providing similar incentives. for example, in the european union. but that doesn't necessarily solve our supply chain problem. we need those jobs and that annvestment here in america for us to be truly safe and secure and to reap the economic

tsmc has a $12 billion plant under crux in arizona -- under construction in arizona. i pause here, i've met with representatives from these companies. tsmc noted this my conversations with high-ranking executives that that plant isn't made contingent on any legislation we're producing. they're doing that because it makes good business sense, not because it's their last-gasp effort. this is a profitable company doing well. for the united states to be considering giving money to -- whether to domestic companies or foreign ones under these circumstances in this amount of money makes no sense. the editorial continues, quote, one unfortunate impetus behind this bill is that for all their talk about competing with china, many politicians believe that beijing's planning is superior to the u.s. free market system. it reminds us of the 1980's when c.e.o. andrew grove warned that japan was going to dominate the future of global technology. as former c.e.o. t.j. rogers explained on these pages last year, the government set up the semantic chip consortium that, quote, was object