Tower Semiconductor Expansion drives a 19% stock surge as Japan backs a $3 billion capacity plan targeting AI demand.

Tower Semiconductor will spend about $3bn expanding 300mm silicon photonics capacity in Japan, net of $1bn in grants from the Japanese government.

Tower Semiconductor plans to quadruple 300mm fab capacity in Uozu, Japan, backed by METI subsidies and a joint venture restructuring with Nuvoton worth