Germany (ESMC Dresden)

TSMC's European fab project in Dresden, Germany, run through its subsidiary ESMC. The company lists Dresden among its capacity-expansion sites, and ESMC agreed with the German government to receive up to EUR5 billion of state aid under the European Chips Act.↗ source

Why it matters to the stock. Dresden shows whether TSMC can serve European automotive customers at scale. It is a slower, lower-margin project than the Arizona or Taiwan leading-edge fabs.