President Donald Trump on Wednesday said that Taiwan is doubling the size of the chipmaking plants under construction in Arizona, adding that it could help the U.S. share of the chip market rise to 50% by the end of his term.

“We’re creating more jobs, we have more people working today than have ever worked in the history of our country. It’s great and that’s before these places opened,” Trump said before his departure from Joint Base Andrews.

The president said that new chip plants will be opening up over the next year and that chipmakers from Taiwan, such as the industry leader TSMC, are adding to their investments in the U.S.

“The biggest company in the world, actually, the chipmaker. But they’re coming in, they’re building in Arizona, and they just announced they’re going to double the size. We could have 50% of the chip market by the time I leave office. You know what we have now? Nothing,” Trump added.

US, TAIWAN COME TO $250B ‘AMERICA FIRST’ TARIFF DEAL OVER SEMICONDUCTORS

FOX Business reached out to Taiwan Semiconductor Manufacturing Company (TSMC) for comment.

TSMC has previously announced large investments in building chipmaking facilities in the U.S., including an announcement of a series of investments that ultimately totaled $65 billion in 2024 as the U.S. CHIPS Act was signed into law that November. That investment covered three chip fabrication plants in Arizona.

Then in March 2025, TSMC announced another $100 billion investment to help build a self-sustaining supply chain for artificial intelligence (AI) chips in the U.S.

That $100 billion investment included three new fabrication plants in Phoenix that would focus on next-gen AI chips for computer processors and smartphones, plus two advanced packaging facilities in Arizona and a center for research and development on next-generation technologies.

TSMC said at the time that the project was the largest single foreign direct investment in U.S. history and would support 40,000 construction jobs over four years plus tens of thousands of high-paying jobs in chipmanufacturing and R&D.

This is a developing story. Please check back for updates.

Zerodha founder and CEO Nithin Kamath on Tuesday shared what he believes has been the driving force behind the brokerage’s growth, saying the company’s success has come from putting customer interests ahead of aggressive expansion and avoiding conventional growth tactics.

In a post on X, Kamath said one of the most common questions he gets from young entrepreneurs at industry events and through Rainmatter is what makes Zerodha different. He directed users to a company page outlining the principles that have shaped the business since its inception.

According to Zerodha, its core philosophy revolves around prioritising customer interests over growth, maintaining transparency and building products that avoid nudging users into unnecessary trading or financial decisions.

The brokerage said it does not advertise, spam customers or use incentives to encourage higher trading activity. Instead, it has relied almost entirely on word-of-mouth referrals to grow from an unknown startup in 2010 into one of India’s largest stockbroking platforms.

Zerodha said more than 1.6 crore customers now trust the platform with around Rs 6 lakh crore worth of equity investments, while the brokerage accounts for nearly 15% of India’s daily retail exchange trading volumes.

Kamath also attributed Zerodha’s culture to its decision to remain bootstrapped and profitable, allowing it to operate without pressure from external investors. The company said employees are not assigned metric-based growth targets such as the number of accounts opened, app installs, orders placed or revenue generated.
Instead, the focus has remained on improving product quality and customer experience rather than pursuing rapid growth at any cost.The comments come at a time when fintech firms are increasingly competing for users through marketing campaigns, cashbacks and incentive-driven customer acquisition strategies. Zerodha has long stood apart by eschewing paid advertising and maintaining a low-profile approach to customer acquisition.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

The Dow Jones Industrial Average pulled back Wednesday, retreating modestly from its most recent record close as investors locked in profits on semiconductor and AI-related names that had powered one of the strongest first-half performances for U.S. equities in years.

The blue-chip index fell 215.82 points, or 0.41%, to 52,103.38, backing away from the all-time closing high of 52,319.20 it set Tuesday, the final session of the second quarter. The major averages closed out a strong first half. In the first six months of the year, the Dow climbed 8.9%, marking its best first-half performance since 2021. The broad market S&P 500 rose 9.6%, and the Nasdaq climbed 12.8%. The small-cap Russell 2000 surged nearly 22% to clinch its best first-half performance since 1991.

Wednesday’s session opened on a softer note as investors digested a weaker-than-expected private payrolls report and rotated out of the semiconductor stocks that drove much of Tuesday’s strong close. Private payrolls grew by 98,000 in June, below the Dow Jones consensus of 110,000 and down from 122,000 in May, according to ADP.

Nela Richardson, ADP’s chief economist, said: “The pace of hiring is telling a story of both supply and demand. We know it’s taking people longer to find work, but there also are signs of labor supply constraints in certain industries. For now, the overall effect is a slowdown in job creation.”

The softer hiring figure added urgency to Thursday’s main event: the June nonfarm payrolls report from the Labor Department, moved to Thursday from its typical Friday release because U.S. markets will be closed Friday in observance of Independence Day, which falls on Saturday this year. Analysts are watching the data closely for signals about the Federal Reserve’s next policy move, with the ADP miss suggesting the labor market may be cooling more quickly than previously expected, a development that could give Fed Chair Kevin Warsh room to discuss rate cuts sooner than markets had anticipated.

Micron plunged 7%, although it was still up around 300% in the year to date. Sandisk shed nearly 9%, losing some steam after gaining more than 850% in the first half of 2026. Nvidia and Broadcom also fell roughly 2.5% and 2%, respectively. Their declines came as investors took profit on semiconductor stocks following a record-smashing first half of the year for the group. The VanEck Semiconductor ETF gained 82% in the first six months of the year, marking its best first-half since its inception in May 2000.

The profit-taking in semiconductors reflected a broader pattern analysts have observed throughout the year: individual sessions of sharp gains followed by cooling periods as investors reassessed valuations following periods of rapid appreciation. TheStreet contributor James “Rev Shark” DePorre noted that the same names that drove Monday’s rebound were among the hardest hit. “A sustained market move higher needs broadening participation,” he said. “A bounce driven by short-covering and quarter-end positioning in the most beaten-down names is not an indication of fundamental health. The follow-through in the next few sessions will show the level of buyer confidence.”

Tuesday’s second-quarter close had given investors reason for optimism on multiple fronts. The Dow Jones Industrial Average rose 136 points for its second consecutive record close, finishing out the quarter at 52,319.20. Gains were led by Caterpillar up 2.95%, Apple up 2.70% and Nvidia up 2.66%. Biggest losers on Tuesday were Honeywell International down 3.02%, Walt Disney down 2.33% and Johnson & Johnson down 1.74%.

The overall market’s outperformance in the first six months of 2026 was driven by a surge in chip and AI-related names. The S&P 500 logged its best quarter since the pandemic recovery in 2020, rising more than 14% in the second quarter alone. The Nasdaq soared approximately 20% and the Dow added over 12% during the quarter.

That strong quarterly finish was achieved despite a turbulent backdrop that at various points threatened to upend the rally entirely. A sharply escalating U.S.-Iran conflict in late February and early March sent oil prices spiking and roiled global markets, with the Nasdaq falling nearly 5% in a single week at one point during the conflict’s most acute phase. The gradual de-escalation of hostilities, culminating in a ceasefire that allowed commercial shipping through the Strait of Hormuz to resume, helped reverse those losses and set the stage for the final-week tech rally that pushed all three major averages to strong quarter-end closes.

Easing inflation also supported the strong quarter-end push. Euro zone annual inflation came in at 2.8% in June, below consensus estimates of 3.0% and down from 3.2% year-on-year in May, as energy price pressures caused by the Iran conflict appeared to ease. Euro zone bond yields fell in response, with traders trimming bets on European Central Bank rate hike expectations. Markets are now pricing just 23 basis points of monetary tightening by the end of 2026.

Beyond the index-level moves, Wednesday brought notable corporate news. Stock media company Shutterstock plunged after its $3.7 billion merger with Getty Images collapsed due to an obstacle posed by a U.K. regulator. Getty said it does not accept the U.K. Competition and Markets Authority’s merger condition, which would require Shutterstock to sell its editorial business. Getty’s board unanimously decided not to proceed with the sale and to terminate the merger agreement by July 6. Shutterstock fell 28%, and Getty declined nearly 6%.

SpaceX shares slipped modestly in early trading, falling 1.74% to $161.34 in premarket trading, after surging 7.2% on Monday when Nasdaq officially announced that SpaceX will be added to the Nasdaq-100 index before the market opens on July 7. Analysts have estimated that the forced mechanical buying from index funds tracking the Nasdaq-100 could generate billions of dollars in purchasing demand for the newly listed stock as the inclusion date approaches.

Raymond James initiated coverage of footwear brand Birkenstock on the first day of July with a $52 target price implying upside of 20.1%, writing: “We view BIRK as a more durable growth story than the market appreciates.”

Looking ahead, Thursday’s nonfarm payrolls report, Warsh’s comments at the European Central Bank’s Sintra forum and the market’s overall positioning ahead of the long holiday weekend are likely to shape whether Wednesday’s modest pullback extends or reverses as the final trading day before the Fourth of July break unfolds.