In brief: Construction of a $12 billion chip plant in Arizona is "well under way," Taiwan Semiconductor Manufacturing Company (TSMC) CEO C.C. Wei confirmed during a recent presentation at the company's annual technology symposium. Should everything go according to plan, the fab will be ready to enter volume production in 2024.

TSMC roughly a year ago said it planned to build a 5nm plant in Arizona with a 20,000 semiconductor wafer per month capacity that would create north of 1,600 tech jobs in the region. Last November, Phoenix city officials agreed to provide up to $205 million to help develop infrastructure relating to the project, but a lot more money could be coming through government subsidies.

Wei during the presentation reiterated that TSMC remains on track to start volume production of 5nm chips in 2024.

Last month, anonymous sources told Reuters that TSMC was preparing to build as many as six total fabs in Arizona over the coming years.

A few weeks later, DigiTimes reported that TSMC was already in the process of manufacturing the A15 Bionic processor that'll be used in next-generation iPhones. The A15 Bionic is expected to be built on a refined version of the 5nm process used to create last year's A14 Bionic.

Image credit Michael Vi, Marco photo