TSMC plans Phoenix expansion; Fed approves Capital One, Discover deal; JLL cuts jobs at Amazon facility

Article originally posted on CoStar on April 21, 2025

The company recently finished construction of its second factory, or “fab,” as it ramps up production to support customers such as Nvidia, the Silicon Valley giant that produces chips powering much of the AI boom. Nvidia has announced plans to add manufacturing space in Phoenix, where it already makes chips at TSMC’s first fab.

Apple, another TSMC customer, promised in February to invest half a trillion dollars in the U.S. over the next four years, including a “multibillion-dollar commitment” to produce advanced silicon at the Taiwan-based chip maker’s Phoenix facility.

TSMC started making chips in January at its first fab at the Phoenix complex north of Loop 303, where the company plans to invest a total of $165 billion. TSMC plans to break ground on the third facility this year, Chief Executive C.C. Wei said during a recent call with analysts.

Federal bank regulators approved Capital One’s acquisition of Discover Financial Services in a deal that would create the nation’s biggest credit card issuer ranked by loan volume.

The Federal Reserve Bank and the Office of the Comptroller of the Currency released separate statements on Friday announcing approval of the acquisition that was valued at $35 billion when Capital One announced it just over a year ago.

The deal has now received all required regulatory approvals and is expected to close May 18, according to Capital One, based in McLean, Virginia. Discover is based in Riverwoods, Illinois, and has other corporate offices in nearby Chicago and in Columbus, Ohio, CoStar data shows.

The Delaware bank commissioner greenlighted the deal in December, and both companies’ shareholders voted to approve the purchase in February, Capital One said.

The acquisition will result in “no immediate changes” to Capital One and Discover customer accounts, according to the Capital One statement.

Brokerage JLL cut 86 operations jobs at an Amazon fulfillment center near Orlando, Florida, after the e-commerce giant announced plans to bring the positions in-house.

The Chicago-based commercial real estate services company filed a Worker Adjustment and Retraining Notice with Florida’s Department of Commerce announcing layoffs at the facility, which is south of Orlando International Airport in the Lake Nona area at 12340 Boggy Creek Road.

The job cuts slated for June 14 include building maintenance personnel and technicians employed by JLL. The change is “part of our regular course of business,” and the JLL workers will have the opportunity to interview for positions at Amazon, Sam Stephenson, spokesperson for the Seattle-based tech company, said in an email. JLL did not respond to requests for comment.

“We evaluate our vendor partners based on a number of factors and make changes to meet our business needs,” Stephenson said. “As a result of a recent review, we’re transitioning these positions internally.”

The Amazon-leased facility, part of the tech giant’s total 3.4 million square feet of space across Orlando, was built in 2018 by Affinius Capital and later sold to Boston’s TA Realty for $108 million, CoStar data shows.