Taiwan has inaugurated a plant that is set to become one of the world’s most advanced manufacturers of next-generation semiconductors to supply artificial intelligence computing. The facility, operated by TSMC, is expected to help alleviate a global chip shortage that has affected everything from smartphones to cars. The $19.5 billion plant is located in the southern city of Tainan and will produce 3-nanometer chips, surpassing the 5-nanometer chips that are currently the industry’s most advanced. The smaller the nanometer measurement, the more advanced and efficient the chip. TSMC’s CEO said the plant will help meet soaring demand for chips that can be used in high-performance computing and AI applications. Taiwan is a dominant player in the semiconductor industry, accounting for more than half of the global foundry market.