Intel and TSMC are reportedly launching a joint venture that will operate Intel's chipmaking facilities

Intel and Taiwan Semiconductor Manufacturing Co have reached a preliminary agreement to form a joint venture to operate the US chipmaker's factories, the Information reported on Thursday, citing two people involved in the discussions. TSMC, the world's largest contract chipmaker, will take a 20 per cent stake in the new company, the report said. Reuters reported in March that TSMC had pitched Nvidia, Advanced Micro Devices and Broadcom to take stakes in a joint venture that would operate Intel's factories, after the US administration requested the Taiwanese chipmaking giant to help turn around the troubled U.S. icon. Last month, TSMC said at a press event that it plans to make a fresh $100 billion investment in the US that involves building five additional chip facilities.