Apple's main chip supplier TSMC recently announced that the company will produce 3nm chips for the second phase of production at its upcoming Arizona plant, United States, the Commercial Daily News reported on November 22. 5nm chips have confirmed for the first phase of production at the same premises. The plant is to have the "tool-in" ceremony on December 6 for the first batch of production equipment to be installed in the plant. The plant is slated for mass production in 2024 with an expected production capacity of 20,000 5nm chips per month. With the semiconductor industry entering the inventory adjustment phase, the fabless (aka IC design) and memory industry sectors both will face major challenges such as declining market demand and excessive supply. As a result, global semiconductor shipment value is estimated to reach USD 608.6 billion in 2023, up merely 0.5% year-on-year. Taiwanese semiconductor shipment value is expected to reach NT$4.37 trillion (US$142.8 billion) and grow 1.7% year-on-year in 2023, higher than the global average, according to MIC (Market Intelligence & Consulting Institute), a government think tank and one of leading research institutes in Taiwan. Established in 1987, MIC is a division of III (Institute for Information Industry).