Why Europe is hungry for chips

Paris: Taiwanese chipmaker TSMC agreed Tuesday on a multibillion-dollar deal to build a plant in Germany, part of a push to put Europe at the centre of the global semiconductor industry.

The United States and China are embroiled in a fierce rivalry to dominate the chip industry, and Europe is investing billions to keep up.

Why the rush for chips? Semiconductors are the tiny components found in every electronic device, from children’s toys and smartphones to electric cars and sophisticated weapons.