Later today President Joe Biden will be joining the founder of Taiwan Semiconductor Manufacturing Co. to announce the opening of a second chip plant in Arizona, raising the company’s investment in the state from $12 billion to $40 billion.

The company will also announce it will be producing more technically advanced chips than originally proposed. It was initially slated to produce 5 nanometer chips, but now will create 4 nanometer chips. The second plant will open in 2026 and produce 3 nanometer chips, the most cutting-edge chips currently available.

The investment by TSMC is one of the largest foreign investments in U.S. history, and the largest in the state of Arizona.

Once the TSMC plants open, they will produce enough chips to meet the U.S. annual demand, 600,000 wafers per year, according to Ronnie Chatterji, National Economic Council acting deputy director for Industrial Policy who oversees CHIPS implementation.

Chatterji added that "It’s the foundation of our personal electronics, and also the future of quantum computing and AI. At scale, these two [factories] could meet the entire U.S. demand for U.S. chips when they’re completed. That’s the definition of supply chain resilience. We won’t have to rely on anyone else to make the chips we need.”

CEOs from companies who will benefit from U.S. chip production, like Apple, Micron, NVIDIA will be in attendance. For more, read the full CNBC report.