TAIPEI (Taiwan News) — Taiwan Semiconductor Manufacturing Company (TSMC) approved a capital budget of NT$961.6 billion (US$29.6 billion) at a board meeting on Monday (Aug. 13).

According to a company press release on Monday, the budget will be used for installing and upgrading advanced processes, improving technological capacity, and constructing new fabs, per CNA.

Additionally, TSMC’s Q2 consolidated revenue was NT$673.51 billion and net income was NT$247.85 billion, with diluted earnings per share of NT$9.56.

Meanwhile, the company will invest US$7.5 billion (NT$242 billion) into TSMC Arizona, its wholly-owned subsidiary. Materials Management Organization Senior Director Vanessa Lee (李文如) will also be promoted to vice president.