TAIPEI (Taiwan News) — Taiwan Semiconductor Manufacturing Co. (TSMC) said Tuesday (June 1) that it has started construction at its Arizona site.

Speaking at the company’s annual technology symposium, TSMC CEO C.C. Wei (魏哲家) said the planned 5-nanometer process fab remains on track, with volume production expected to start sometime in 2024, according to Reuters. The company plans to spend around US$12 billion to build the plant on a 1,129-acre tract of land it bought in north Phoenix.

TSMC’s announcement refutes claims by Reuters in mid-May that the company was considering upgrading the 5-nm plant to a more advanced 3-nm facility. Reuters claims TSMC intends to build as many as six factories at its Arizona campus over the next 10 to 15 years.

Wei also said the company’s next 3-nanometer process chips are on schedule to begin volume production by the second half of next year. The chips will be manufactured at their facility in the Southern Taiwan Science Park in Tainan.