Taiwan Semiconductor Manufacturing Co. is set to win more than $5 billion in federal grants to support a chipmaking project in Arizona, according to people familiar with the matter, in what would mark a major milestone in President Joe Biden’s effort to revitalize American semiconductor manufacturing. The award is not yet finalized, the people said, asking not to be named to discuss confidential conversations. It is also not yet clear whether TSMC will tap the loans and guarantees also on offer ...