Intel and Taiwan Semiconductor Manufacturing Co recently reached a preliminary agreement to form a joint venture to operate the U.S. firm's chipmaking facilities, the Information reported on Thursday,

Intel and Taiwan Semiconductor Manufacturing Co (TSMC) are reportedly joining hands to set up a new joint chipmaking venture. According to a report by The Information, the semiconductor leaders have reached an agreement to form a joint venture that would manage Intel’s Foundry business.

TSMC is reportedly planning to start production of advanced chips in the US, as it recently announced $100 billion investment.