According to local U.S. media outlets, including the Dallas Business Journal, the city of Sherman in Grayson County, Texas, has recently entered into site-selection talks with TSMC to host a semiconductor manufacturing complex involving tens of billions of dollars in investment.
The proposed project would begin with an initial investment of $45 billion to build two fabs, potentially expanding to as many as six fabs with a total investment of $120 billion over the medium to long term.
The report specifically outlines a timeline under which TSMC would invest approximately $45 billion to build two new semiconductor fabs, hire around 5,000 employees over the next six years, and begin volume production in late 2029.
@jukan05’s post on 2 November, citing local US media including the Dallas Business Journal, says Sherman is in site-selection talks with TSMC for a complex starting at $45 billion for two fabs, potentially rising to six fabs and $120 billion, with about 5,000 hires over six years and volume production in late 2029. The piece uses it as the lead to the DBJ report; Sherman officials said the city had not been contacted, according to Bisnow, and we could not match the jobs and timeline to a readable primary source.
State documents obtained by the Dallas Business Journal show an unnamed semiconductor manufacturer seeking sites in Texas for a $45 billion investment to build two plants, and the paper reported on 29 October that Sherman, about 60 miles north of Dallas, is the leading candidate for Taiwan Semiconductor Manufacturing Co.’s next large fabrication facility, according to a Bisnow summary of the report.
The DBJ reported that the Sherman project could bring an investment of $120 billion. Sherman officials said the city has not been contacted about TSMC’s planned expansion, Bisnow reported, and the DBJ wrote that the company declined to comment.
The key insight: Texas state documents described by the Dallas Business Journal show an unnamed chipmaker seeking sites for a $45 billion, two-plant investment, or $22.5 billion a plant by our arithmetic, and the paper reported that Sherman is the leading candidate for TSMC, which told Bloomberg in October it had no comment on market rumors.
What the Reports Say
Bisnow’s summary of the DBJ story says the state documents indicate “an unnamed semiconductor manufacturer is seeking sites in Texas for a $45B investment in the construction of two plants”. Bisnow’s summary describes the manufacturer in the documents as unnamed, while also saying the documents the DBJ obtained “say TSMC locating its next facility in Sherman would make the most sense”.
The case for Sherman rests on water and land, according to the same report. “I think the water that they have [in Sherman] is the only location in our market that I’m aware of that has the volume in capacity to feed that type of engine”, North Texas land broker Rex Glendenning told the DBJ.
Bisnow notes that Sherman has already lined up more than $40 billion of investment in semiconductor plants from Texas Instruments, GlobalWafers and Coherent. The Austin Business Journal reported that Central Texas is also being considered, Bisnow added.
Reported and committed US chip-plant investment figures, $ billions. Sources: Dallas Business Journal (29 Oct 2026) via Bisnow; Bloomberg (1 Oct 2026); TSMC’s $265 billion US commitment as reported by Bloomberg. The 17% share and $22.5 billion per plant are our arithmetic; Bisnow’s summary describes the manufacturer in the state documents as unnamed, and the figures are of different kinds, not summed.
What Bloomberg Reported in October
Bloomberg reported on 1 October that TSMC is weighing a new campus in Texas that would add tens of billions of dollars to its US expansion. If TSMC decides to invest, the project would include multiple chipmaking plants, “each of which would cost at least $20 billion”, according to one person familiar with the plans.
Bloomberg wrote that the plans were at an early stage and that the potential Texas investment is contingent on US legislators extending an advanced-manufacturing tax credit set to expire at the end of this year. TSMC told Bloomberg: “We have no comment on market rumors”.
Bloomberg also reported that TSMC has had conversations with Singaporean officials, and that TSMC has already committed to spending $265 billion at its Arizona site.
Business Pill · Relayed Report Explained
Business Pill: a relayed report is a story you read through someone else’s summary. It is a general explainer and is not about this story.
The Numbers
By our arithmetic, the $45 billion two-plant plan in the state documents works out to $22.5 billion a plant, in line with Bloomberg’s source putting each Texas fab at “at least $20 billion”. The $45 billion is about 17% of TSMC’s $265 billion US commitment; the $120 billion the DBJ reported for Sherman would be about 45%.
A post on X by @jukan05, which cited local US media including the DBJ, added that the project would hire around 5,000 employees over six years and begin volume production in late 2029. We could not read those details in the DBJ’s paywalled article or the Bisnow summary.
As we read the reporting, two threads meet in Sherman: state documents that Bisnow’s summary describes as concerning an unnamed manufacturer’s $45 billion project, and Bloomberg’s October report that TSMC is weighing a Texas campus. TSMC has not confirmed either.
As we read the numbers, the implied $22.5 billion a plant sits close to the at least $20 billion a fab that Bloomberg’s source gave.
Rex Glendenning, North Texas land broker, to the Dallas Business Journal
“I think the water that they have [in Sherman] is the only location in our market that I’m aware of that has the volume in capacity to feed that type of engine”
Three Implications
FOR TSMC Bloomberg reported that a Texas campus is contingent on US legislators extending an advanced-manufacturing tax credit that expires at the end of this year.
FOR SHERMAN The city already has more than $40 billion of semiconductor investment from Texas Instruments, GlobalWafers and Coherent, Bisnow reported.
FOR THE SCALE The $45 billion in the state documents is about 17% of TSMC’s $265 billion US commitment, by our arithmetic.
The framework reads: “Allocation power at the foundry is now more consequential than chip design itself.”
As we read it, where TSMC adds US capacity, and which water and land it can secure, sits in that foundry layer. The framework is the owner’s argument and does not discuss Sherman, the state documents or TSMC’s Texas plans.
TSMC has not confirmed a Texas plan or a Sherman site. Bisnow’s summary describes the manufacturer in the state documents as unnamed, and Sherman officials said the city had not been contacted. The 5,000 jobs and late-2029 production timeline are from a post on X that we could not match to a readable primary source.
We read only the DBJ’s headline and free preview; the rest of its article is behind a paywall. We did not find the state documents on the Texas Comptroller’s JETI incentive register, which lists no application for Grayson County.
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Texas state documents described by the Dallas Business Journal show an unnamed chipmaker seeking sites for a $45 billion, two-plant investment, or $22.5 billion a plant by our arithmetic, and the paper names Sherman as the front-runner for TSMC, which has not confirmed any Texas plan.
A note on sourcing. The state-documents figures, the Sherman framing and the $120 billion are as reported by the Dallas Business Journal on 29 October 2026, read via its free preview and Bisnow’s summary; the rest of the DBJ article is paywalled. Bloomberg’s report is from 1 October 2026. Per-plant and percentage figures are our arithmetic. We did not contact TSMC or the City of Sherman.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
