Taiwan Semiconductor Manufacturing already plans to invest big in the U. S.-$265 billion. Now, the Taiwanese chip maker could spend even more.

Taiwan Semiconductor is considering whether to build a second American manufacturing hub in Texas, according to Reuters and Taiwanese media, which cited sources familiar with the matter.

The company didn't immediately respond to a request for comment from Barron's.

Taiwan Semi's American depositary receipts were down 0.6% Wednesday in premarket trading.

Most of the chip maker's $265 billion pledge will be spent to expand its Arizona semiconductor fabrication sites, or fabs, including building three chip plants. It unveiled its most recent commitment, $100 billion, in July.

Developing another major U.S. site could sound alarms about excessive spending.

Taiwan Semi has already hiked its annual capex forecast to a range of $60 billion to $64 billion-and another U.S. project probably would drive those numbers even higher in the coming years. It has said U.S. fabs are more expensive to build and operate.

Still, there are a few reasons why it makes sense for Taiwan Semi to open another U.S. hub.

First, President Donald Trump has threatened to put tariffs of as much as 200% on chip imports.

Trump also backs Intel, which is building up its production capacity with the goal of attracting more major customers. Right now, Intel-a Barron's stock pick last spring-pays Taiwan Semi to make some of its semiconductor wafers. A Taiwan Semi hub in Texas could reduce the threat of Intel's U.S.-made hardware.

And finally, there's the constant threat that China will seize Taiwan. Taiwan Semi has to walk a fine line about how much of its advanced chip making it can shift out of Taiwan, but has said it aims to diversify its production.