[Edaily Reporter YU JIN-HEE ] Amid calls to slow the pace of investment in artificial intelligence (AI) infrastructure, global Big Tech companies are continuing their aggressive push to gain control over the semiconductor supply chain. As concerns mount over a potential market shock in 2028 due to the spread of data center regulations in the U.S., these companies are rushing to build their own fabs (factories) and pursue large-scale mergers and acquisitions (M&A) to resolve production bottlenecks and reduce costs.

According to the Industrial Information Research Institute (MIC), affiliated with Taiwan’s Information Policy Council, on the 9th, the Democratic-led congressional landscape following the U.S. midterm elections and the environmental pledges of newly elected governors have emerged as major variables in the expansion of AI data center (AIDC) infrastructure.

As public backlash grows against excessive electricity and water consumption and rising electricity rates in the U.S., concerns are mounting that permits for new data centers may be delayed. Chen Tzu-hsiang, a senior consultant at MIC, analyzed that while companies such as Taiwan’s Foxconn and Quanta Computer have secured permits for 2027, limiting the short-term impact, if “killer applications” that generate reliable profits fail to take hold early on, deteriorating cash flows among Big Tech firms could lead to a full-scale wave of bankruptcies in the cloud industry and a shock from semiconductor inventory adjustments starting in 2028.

Amid this uncertainty surrounding infrastructure investment, Big Tech companies—which have faced shortages of key components and supply chain concentration—are taking steps to diversify risks by securing their own manufacturing capabilities. Taiwan’s TSMC, the world’s leading foundry (semiconductor contract manufacturing) company, has begun exploring entry into the memory semiconductor manufacturing sector. This move comes in response to a request from its largest customer, U.S.-based NVIDIA, to diversify its supply chain.

According to foreign media reports, TSMC has begun formulating plans to produce 3D DRAM, either by constructing a new factory or acquiring an existing one. Vice President Xu Guojin, who oversees advanced packaging, is leading the project. 3D DRAM is a next-generation memory technology that increases capacity by vertically stacking cells; it is a market currently dominated by SamsungElectronics(005930), SK hynix(000660), and the U.S.-based Micron.

If TSMC begins full-scale memory production, a seismic shift in the cooperative landscape with existing memory manufacturers will be inevitable. However, the memory manufacturing know-how accumulated over decades and the barriers posed by patents are cited as challenges TSMC must overcome.

“Terafab,” the in-house semiconductor project of Tesla and SpaceX, led by Elon Musk, is also taking shape. Earlier this month, Terafab informed a major Japanese semiconductor equipment manufacturer of its plan to mass-produce 1 million wafers per month (700,000 memory wafers and 300,000 logic wafers) starting in 2032 and inquired about equipment delivery schedules. This represents a massive volume—40 times the target output (25,000 wafers per month) of the Rapidus plant supported by the Japanese government.

The company’s plan is to independently source semiconductors for AI and robotics from its Texas-based factory starting in the second half of 2028. Given TerraFab’s lack of semiconductor manufacturing experience, it is reportedly demanding extremely short lead times and unrealistic production volumes, leaving Japanese equipment manufacturers struggling to devise a response.

Nationwide alliances aimed at securing semiconductor material supply chains are also accelerating. Mitsui Chemicals, a Japanese diversified chemical company, announced that it will acquire the semiconductor materials firm JSR from the government-backed Japan Industrial Innovation Investment Organization (JIC) in collaboration with the Development Bank of Japan (DBJ).

Including the 1.3921 trillion yen (approximately 11.9 trillion won) paid for the shares, as well as the assumption of debt, the total acquisition cost amounts to 1.84 trillion yen (approximately 15.7274 trillion won). This marks the largest M&A deal in the history of Japan’s chemical industry.

JSR is a global leader in the field of extreme ultraviolet (EUV) photoresists, which are key materials for ultra-fine semiconductor lithography processes. Mitsui Chemicals plans to complete the acquisition by the second half of fiscal year 2027 to solidify its position in the development of next-generation semiconductor materials and its dominance in the global supply chain.