Sony and TSMC attempt to address chip shortages with a factory in Japan

Rumours of a partnership between Sony and TSMC in chipmaking were true. Nikkei reports that Sony and TSMC have teamed up to create a semiconductor plant in Kumamoto (Japan) to meet "strong global demand" for specialized chip manufacturing. It would solve the chip shortages that plagued all manufacturers, from phone makers to car makers. TSMC has created a local subsidiary called Japan Advanced Semiconductor Manufacturing where Sony will hold a small stake of approximately $500 million.
This fab would not be used for cutting-edge chips using 5-nanometer or smaller processes. It would instead start with parts of 22nm or 28nm. This may seem outdated, as Intel's 14nm CPUs are well-known for their reliability and cost. However, it could still be useful for industrial equipment and cars where performance and cost are important.

You won't feel the effects for long, as with many solutions to chip shortages. Sony and TSMC expect to begin construction of the factory in 2022. The plant will not start production until 2024. It is possible that the initial problem that motivated the effort has been resolved by now. This could still help the tech industry to keep up with demand and avoid any future crises that could cripple entire economies.