Nvidia plans to set up Taiwan headquarters, local media reports

Investing.com-- NVIDIA Corporation (NASDAQ:NVDA ) plans to build a new headquarters in Taiwan, local news outlet Commercial Times reported on Monday citing a government official with knowledge of the matter. 

The chipmaking giant is prioritizing Taipei as the location for its regional headquarters, and is seeking about three hectares of land for the project. The local city government is also assisting Nvidia in the matter, the report said. 

Taiwan is a key part of Nvidia’s supply chain, given that it is largely dependent on contract chipmaker TSMC (NYSE:TSM )- the country’s biggest firm- for fabricating its cutting-edge artificial intelligence chips. Nvidia also has collaborations with electronics giant Foxconn (SS:601138 ), known formally as Hon Hai Precision Industry Co Ltd (TW:2317 ).

Nvidia CEO Jensen Huang had said earlier this year that the firm plans to increase its presence in Taiwan by building a research and development hub in the country, while also hiring over 1000 people in the coming years. 

Source: Investing.com