Taiwan approves Nvidia subsidiary, investment in new office

US chip titan Nvidia can push ahead with an over $30 million plan to set up a subsidiary in Taiwan and build a new office there after the government announced Friday it had approved the move.

Jensen Huang, the chief executive of Nvidia -- the world's most valuable company -- unveiled plans for the new office building in May as the company's operations in Taiwan expand to meet growing demand for its sophisticated chips.

Taiwan is a powerhouse in semiconductor manufacturing and is home to Nvidia's chipmaker-of-choice Taiwan Semiconductor Manufacturing Company, or TSMC.


Taiwan's Ministry of Economic Affairs said Friday it had approved Nvidia's application to set up a subsidiary with an investment of more than NT$1 billion ($31.8 million) that will also be used to build offices.

Nvidia declined to comment.

Tech rivals have been pouring billions of dollars into Nvidia's advanced GPUs to power artificial intelligence technology, despite questions regarding how the investments will pay off.

Nvidia reported bumper quarterly results this week and "off the charts" demand for AI chips.