TSMC (TWSE: 2330, NYSE: TSM) created the semiconductor Dedicated IC Foundry business model when it was founded in 1987. In 2023, TSMC served 528 customers and manufactured 11,895 products for various applications covering a variety of end markets including high performance computing, smartphones, the Internet of Things (IoT), automotive, and digital consumer electronics. Annual capacity of the manufacturing facilities managed by TSMC and its subsidiaries exceeded 16 million 12-inch equivalent wafers in 2023. These facilities include four 12-inch wafer GIGAFAB® fabs, four 8-inch wafer fabs, and one 6-inch wafer fab – all in Taiwan – as well as one 12-inch wafer fab at a wholly owned subsidiary, TSMC Nanjing Company Limited, and two 8-inch wafer fabs at wholly owned subsidiaries, TSMC Washington in the United States and TSMC China Company Limited. In August 2023, TSMC announced its plan to jointly invest in European Semiconductor Manufacturing Company (ESMC), in Dresden, Germany, to build a specialty technology fab. ESMC aims to begin construction of the fab in the second half of 2024 with production targeted to begin by the end of 2027. TSMC continues to execute its plan to construct and operate two fabs in Arizona, the United States. Production of the first fab is targeted for the first half of 2025, and construction of the second fab is ongoing. The Company is also building a new fab in Kumamoto, Japan, with production targeted by late 2024.