FORM 6-K

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549


For the month of May 2003 (No. 2)

                            TOWER SEMICONDUCTOR LTD.
                 (Translation of registrant's name into English)


                    P.O. BOX 619, MIGDAL HAEMEK, ISRAEL 10556
                    (Address of principal executive offices)


         Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.

                     Form 20-F   x   Form 40-F
                              -------         ------


         Indicate  by check  mark  whether  the  registrant  by  furnishing  the
information contained in this Form is also thereby furnishing the information to
the Commission  pursuant to Rule 12g3-2(b) under the Securities  Exchange Act of
1934.


                         Yes       No   x
                            ------   -------






          On May 20,  2003,  the  Registrant  announced  that it received  $13.4
million from its strategic and equity investors.  A copy of the press release is
attached hereto as Exhibit 1.

         On May 19, 2003,  the  Registrant  announced that it signed a long term
license  agreement  for  0.18  and  0.13  micron  technologies  for  its  Fab  2
manufacturing  facility.  A copy of the  press  release  is  attached  hereto as
Exhibit 2.

         On May 14, 2003,  the  Registrant  announced the results of its special
general  meeting  of  shareholders  held on May 14,  2003.  A copy of the  press
release is attached hereto as Exhibit 3.

         This  Form 6-K is being  incorporated  by  reference  in all  effective
registration statements filed by us under the Securities Act of 1933.







                                   SIGNATURES

         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
the  registrant  has duly  caused  this report to be signed on its behalf by the
undersigned, thereunto duly authorized.


                                             TOWER SEMICONDUCTOR LTD.



Date:  May 21, 2003                  By:      /s/ Sheldon Krause
                                          ------------------------------------
                                              Sheldon Krause
                                              Assistant Secretary

Exhibit 1

TOWER SEMICONDUCTOR RECEIVES $13.4 MILLION FROM ITS STRATEGIC AND EQUITY
INVESTORS

       TOTAL INVESTMENT TO DATE IS 90 PERCENT OF THE COMMITTED INVESTMENT

         MIGDAL  HAEMEK,  ISRAEL - MAY 20, 2003 - Tower  Semiconductor  (NASDAQ:
TSEM,  TASE:  TOWER)  today  announced  the  receipt  of $ 13.4  million  of the
aggregate  $305  million  investment  committed  to the Fab 2 project by Tower's
partners.  This investment represents the first portion of the revised Milestone
5  investment  approved  last  week  by  Tower's  shareholders.   As  previously
announced,  Tower's wafer and financial partners will invest between $24,201,264
and  $26,841,404.40  after Tower  completes its 2003 financing  package with its
banks.  Although  Tower is  still in  discussions  with its  banks  for its 2003
financing arrangements, most of Tower's partners have advanced $13.4 million.

         Tower issued 4,505,532  ordinary shares in this investment,  which were
distributed as follows:  SanDisk Corporation (NASDAQ:  SNDK) - 1,206,839 shares;
Alliance Semiconductor (NASDAQ: ALSC) - 1,206,839 shares; Macronix International
(NASDAQ:  MXICY) - 1,206,839 shares;  Israel Corporation-  Technologies (ICTech)
Ltd. - 804,559 shares and The Challenge Fund - 80,456 shares.

         To date,  the wafer and  financial  partners have invested a total of $
273.7 million out of the $305 million  committed.  In addition,  these  partners
participated  in Tower's  October  2002 rights  offering and invested a total of
$20.4  million.  In total,  Tower's wafer and financial  partners' have invested
$294.1 million to date.

         Tower's  current  outstanding  share  capital  is  47,941,064  ordinary
shares.

ABOUT TOWER SEMICONDUCTOR LTD
Tower Semiconductor Ltd. is a pure-play independent wafer foundry established in
1993. The company manufactures  integrated circuits with geometries ranging from
1.0 to 0.18 microns; it also provides  complementary  manufacturing services and
design  support.  In addition to digital CMOS process  technology,  Tower offers
advanced  non-volatile  memory  solutions,  mixed-signal  and CMOS  image-sensor
technologies. To provide world-class customer service, the company maintains two
manufacturing  facilities:  Fab 1 has  process  technologies  from  1.0 to  0.35
microns  and can  produce up to 20,000  150mm  wafers per month.  Fab 2 features
0.18-micron   and  below  process   technologies,   including   foundry-standard
technology,  and will offer full production  capacity of 33,000 200mm wafers per
month. The Tower Web site is located at www.towersemi.com.



SAFE HARBOR

         This  press  release  includes  forward-looking  statements,  which are
subject  to risks and  uncertainties.  Our  actual  results  may vary from those
projected or implied by such  forward-looking  statements.  Potential  risks and
uncertainties include,  without limitation,  risks and uncertainties  associated
with (i) obtaining required approvals of our banks to the amendment to the Fab 2
investment agreements, (ii) our need to renegotiate our Fab 2 credit facility to
extend  the  deadlines  by which we were and are  required  to raise  additional
financing in 2002 and 2003 and meet the fifth and sixth  milestones,  which,  in
the absence of a  renegotiated  agreement,  would  result in an event of default
under the credit  facility in which event the banks would have the right to call
our loans and exercise  their liens against our assets,  (iii) the review of our
Fab 2 plan currently being conducted by a leading  consulting company engaged by
the  Company  which may  affect  the  renegotiation  of the terms of the  credit
facility, (iv) the possible claim by our wafer partners, financial investors and
the  Investment  Center of the State of Israel of a breach of and  suspension of
performance under our agreements if an event of default should be declared under
the credit facility,  (v) raising at least $26 million of additional funding for
Fab 2 before the end of 2003,  which is a condition to  completion  of the fifth
milestone  investment by our major wafer and equity  partners,  (vi) securing at
least $33 million in interim  funding from our banks prior to their  approval of
the amendment to the Fab 2 investment  agreements in order to receive an advance
of at least $13 million from its major  shareholders (vii) our ability to obtain
additional  financing for the Fab 2 project from equity  and/or wafer  partners,
the Israeli  Investment  Center,  our banks,  and/or other sources,  as required
under the Fab 2 business plan and pursuant to our agreements  with our wafer and
equity partners, banks and the Israeli Investment Center (viii) our satisfaction
of all other  conditions  under our  agreements  with our Fab 2 equity and wafer
partners,  the  Israeli  Investment  Center and our banks,  (ix)  obtaining  the
approval of the Israeli  Investment  Center to extend the  five-year  investment
period  under our Fab 2 approved  enterprise  program and of  amendments  to our
modified  business plan, (x) ramp-up of production at Fab 2, (xi)  completion of
the development and/or transfer of advanced process  technologies to be utilized
in  our  existing   facility  and  in  Fab  2,  (xii)  market   acceptance   and
competitiveness  of the products to be  manufactured  by us for customers  using
these technologies,  (xiii) obtaining  additional business from new and existing
customers (xiv) conditions in the market for foundry manufacturing  services and
in the market for semiconductor products generally and (xv) possible loss of our
exclusive  foundry  license with Saifun if we fail to meet certain  sales levels
and other conditions. A more complete discussion of risks and uncertainties that
may affect the  accuracy of  forward-looking  statements  included in this press
release or which may otherwise affect our business is included at "Risk Factors"
in our most recent Annual Report on Form 20-F, as filed with the  Securities and
Exchange Commission and the Israel Securities Authority.

                                      # # #

PR Agency Contact      Investor Relations Contact  Corporate Contact
JULIE LASS             SHELDON LUTCH               TAMAR COHEN
Loomis Group           Fusion IR & Communications  Tower Semiconductor Ltd.
+1 (713) 526 3737      +1 (212) 268 1816           +972-4650-6998
lassj@loomisgroup.com  sheldon@fusionir.com        pr@towersemi.com

Exhibit 2




NEWS RELEASE


       TOWER SEMICONDUCTOR LICENSES CHIPIDEA'S WIDE IP PORTFOLIO FOR FAB 2

 Companies sign long-term agreement for 0.18-micron and 0.13-micron technologies


PORTO SALVO,  PORTUGAL AND MIGDAL HAEMEK, ISRAEL - MAY 19, 2003 - Continuing the
expansion of its advanced fab's IP portfolio, Tower Semiconductor (NASDAQ: TSEM;
TASE:  TSEM) has licensed a wide array of  intellectual  property  from ChipIdea
Microelectronics,  S.A.,  a leading IP  provider  based in  Portugal.  Under the
long-term  agreement,  ChipIdea  will  port its IP to  Tower's  0.18-micron  and
0.13-micron  process  technologies.  Porting  ChipIdea's  IP  to  Tower's  Fab 2
facility  has already  begun at the  0.18-micron  technology  node,  and silicon
validation is expected in the second half of 2003.

"Customers can now use ChipIdea's  extensive IP portfolio with Tower's  advanced
technology  for  a  state-of-the-art   solution  that  meets  their  analog  and
mixed-signal  design  needs.  Additionally,  customers  will be well  served  by
ChipIdea's  flexible design approach,  fast porting and ongoing  support.  Tower
will continue  expanding  Fab 2's IP portfolio to help  customers get designs to
market,  faster,"  said  Sergio  Kusevitzky,  vice  president  of IP and  design
services, Tower Semiconductor.

Jose da Franca,  president,  chairman and CEO of ChipIdea, said, "This agreement
marks the start of a significant  relationship for ChipIdea. We are very pleased
to partner with a company that is an emerging force in the global  semiconductor
industry  and that shares our  dedication  to helping  customers  realize  their
vision in silicon.

"Timely  access  to  Tower's  advanced   0.18-micron  and  0.13-micron   process
technologies will enable ChipIdea to accelerate the deployment of silicon-proven
mixed-signal  IP  technology.   The  combination  of  Tower's  technologies  and
ChipIdea's IP can give our common  customers a considerable  market advantage by
lowering  the risk,  shortening  the  development  cycles and  facilitating  the
adoption of a wide range of embedded SoC applications," concluded da Franca.

ABOUT CHIPIDEA MICROELECTRONICS, S.A.
Founded in 1997, ChipIdea  Microelectronics  S.A. is a broadline,  one-stop-shop
supplier of  high-performance  analog and  mixed-signal IP and turnkey  designs.
ChipIdea is committed to providing the highest  possible  value to its customers
through  superior  designs that are optimized for area and power  consumption in
mainstream technologies.

Throughout its existence,  ChipIdea has experienced robust growth and continuous
profitability,  making it one of the world's  leading  independent  suppliers of
analog and  mixed-signal  IP. Today,  ChipIdea employs 130 people involved in IP
research and  development,  CAD and technology  support,  and test.  Engineering
development centers are located in Lisboa and Porto,  Portugal;  Gdansk, Poland;
and Macau, China. Sales and marketing offices are located in the USA, Europe and
Asia. The ChipIdea Web site is located at www.chipidea.com.

ABOUT TOWER SEMICONDUCTOR LTD.

                                     -MORE-


TOWER SEMICONDUCTOR LICENSES CHIPIDEA'S WIDE IP PORTFOLIO FOR FAB 2
PAGE 2 OF 3

Tower Semiconductor Ltd. is a pure-play independent wafer foundry established in
1993. The company manufactures  integrated circuits with geometries ranging from
1.0 to 0.18 microns; it also provides  complementary  manufacturing services and
design  support.  In addition to digital CMOS process  technology,  Tower offers
advanced  non-volatile  memory  solutions,  mixed-signal  and CMOS  image-sensor
technologies. To provide world-class customer service, the company maintains two
manufacturing  facilities:  Fab 1 has  process  technologies  from  1.0 to  0.35
microns  and can  produce up to 20,000  150mm  wafers per month.  Fab 2 features
0.18-micron   and  below  process   technologies,   including   foundry-standard
technology,  and will offer full production  capacity of 33,000 200mm wafers per
month. The Tower Web site is located at www.towersemi.com.

SAFE HARBOR

         This  press  release  includes  forward-looking  statements,  which are
subject  to risks and  uncertainties.  Our  actual  results  may vary from those
projected or implied by such  forward-looking  statements.  Potential  risks and
uncertainties include,  without limitation,  risks and uncertainties  associated
with (i) obtaining required approvals of our banks to the amendment to the Fab 2
investment agreements, (ii) our need to renegotiate our Fab 2 credit facility to
extend  the  deadlines  by which  were  and are  required  to  raise  additional
financing in 2002 and 2003 and meet the fifth and sixth  milestones,  which,  in
the absence of a  renegotiated  agreement,  would  result in an event of default
under the credit  facility in which event the banks would have the right to call
our loans and exercise  their liens against our assets,  (iii) the review of our
Fab 2 plan currently being conducted by a leading  consulting company engaged by
the  Company  which may  affect  the  renegotiation  of the terms of the  credit
facility, (iv) the possible claim by our wafer partners, financial investors and
the  Investment  Center of the State of Israel of a breach of and  suspension of
performance under our agreements if an event of default should be declared under
the credit facility,  (v) raising at least $26 million of additional funding for
Fab 2 before the end of 2003,  which is a condition to  completion  of the fifth
milestone  investment by our major wafer and equity  partners,  (vi) securing at
least $33 million in interim  funding from our banks prior to their  approval of
the amendment to the Fab 2 investment  agreements in order to receive an advance
of at least $13 million from its major  shareholders (vii) our ability to obtain
additional  financing for the Fab 2 project from equity  and/or wafer  partners,
the Israeli  Investment  Center,  our banks,  and/or other sources,  as required
under the Fab 2 business plan and pursuant to our agreements  with our wafer and
equity partners, banks and the Israeli Investment Center (viii) our satisfaction
of all other  conditions  under our  agreements  with our Fab 2 equity and wafer
partners,  the  Israeli  Investment  Center and our banks,  (ix)  obtaining  the
approval of the Israeli  Investment  Center to extend the  five-year  investment
period  under our Fab 2 approved  enterprise  program and of  amendments  to our
modified  business plan, (x) ramp-up of production at Fab 2, (xi)  completion of
the development and/or transfer of advanced process  technologies to be utilized
in  our   existing   facility  and  in  Fab  2,  (xi)  market   acceptance   and
competitiveness  of the products to be  manufactured  by us for customers  using
these  technologies,  (xii) obtaining  additional business from new and existing
customers (xiii) conditions in the market for foundry manufacturing services and
in the market for  semiconductor  products  generally and (xiv) possible loss of
our  exclusive  foundry  license  with Saifun if we fail to meet  certain  sales
levels  and  other  conditions.   A  more  complete   discussion  of  risks  and
uncertainties  that  may  affect  the  accuracy  of  forward-looking  statements
included in this press  release or which may  otherwise  affect our  business is
included at "Risk  Factors" in our most recent  Annual  Report on Form 20-F,  as
filed with the  Securities  and Exchange  Commission  and the Israel  Securities
Authority.


                                      # # #




TOWER SEMICONDUCTOR LICENSES CHIPIDEA'S WIDE IP PORTFOLIO FOR FAB 2
PAGE 3 OF 3

PR Agency Contact        Investor Relations Contact     Corporate Contact
JULIE LASS               SHELDON LUTCH                  TAMAR COHEN
Loomis Group             Fusion IR & Communications     Tower Semiconductor Ltd.
+1 (713) 526 3737        +1 (212) 268 1816              +972-4650-6998
LASSJ@LOOMISGROUP.COM    SHELDON@FUSIONIR.COM           PR@TOWERSEMI.COM

Exhibit 3

NEWS RELEASE

                   TOWER SEMICONDUCTOR'S SHAREHOLDERS APPROVE
                  APPOINTMENT OF NEW CHAIRMAN AND ACTING CHIEF
                    EXECUTIVE OFFICER AND AMENDMENT TO FAB 2
                             INVESTMENT AGREEMENTS


o        CARMEL VERNIA TO SERVE AS CHAIRMAN TO TOWER'S BOARD OF DIRECTORS AND
         ACTING CEO AS OF JUNE 1, 2003

o        AMENDMENT TO TERMS OF FINAL MILESTONE PAYMENT WITH FAB 2 INVESTORS
         APPROVED

MIGDAL HAEMEK,  Israel - May 14, 2003 - Tower Semiconductor Ltd. (NASDAQ:  TSEM;
TASE:  TSEM)  today  announced  that  Tower's  shareholders  have  approved  the
previously  announced  appointment of Carmel Vernia as Chairman of Tower's Board
of Directors and as its Acting Chief Executive  Officer.  Mr. Vernia's positions
with Tower will officially commence on June 1, 2003.

Tower's shareholders also approved the previously announced amendment to its Fab
2  investment  agreements  in  connection  with the terms of the fifth and final
milestone  payment.  This amendment is subject to Tower concluding  arrangements
with its banks for the completion of its 2003 financing  package.  Also approved
is an increase in Tower's  authorized  share capital to NIS 100,000,000  divided
into 100,000,000 ordinary shares.

ABOUT TOWER SEMICONDUCTOR LTD.
Tower Semiconductor Ltd. is a pure-play independent wafer foundry established in
1993. The company manufactures  integrated circuits with geometries ranging from
1.0 to 0.18 microns; it also provides  complementary  manufacturing services and
design  support.  In addition to digital CMOS process  technology,  Tower offers
advanced  non-volatile  memory  solutions,  mixed-signal  and CMOS  image-sensor
technologies. To provide world-class customer service, the company maintains two
manufacturing  facilities:  Fab 1 has  process  technologies  from  1.0 to  0.35
microns  and can  produce up to 20,000  150mm  wafers per month.  Fab 2 features
0.18-micron   and  below  process   technologies,   including   foundry-standard
technology,  and will offer full production  capacity of 33,000 200mm wafers per
month. The Tower Web site is located at www.towersemi.com.


SAFE HARBOR

         This  press  release  includes  forward-looking  statements,  which are
subject  to risks and  uncertainties.  Our  actual  results  may vary from those
projected or implied by such  forward-looking  statements.  Potential  risks and

                                     -MORE-



uncertainties include,  without limitation,  risks and uncertainties  associated
with (i) obtaining required approvals of our banks to the amendment to the Fab 2
investment agreements, (ii) our need to renegotiate our Fab 2 credit facility to
extend  the  deadlines  by which  were  and are  required  to  raise  additional
financing in 2002 and 2003 and meet the fifth and sixth  milestones,  which,  in
the absence of a  renegotiated  agreement,  would  result in an event of default
under the credit  facility in which event the banks would have the right to call
our loans and exercise  their liens against our assets,  (iii) the review of our
Fab 2 plan currently being conducted by a leading  consulting company engaged by
the  Company  which may  affect  the  renegotiation  of the terms of the  credit
facility, (iv) the possible claim by our wafer partners, financial investors and
the  Investment  Center of the State of Israel of a breach of and  suspension of
performance under our agreements if an event of default should be declared under
the credit facility,  (v) raising at least $26 million of additional funding for
Fab 2 before the end of 2003,  which is a condition to  completion  of the fifth
milestone  investment by our major wafer and equity  partners,  (vi) securing at
least $33 million in interim  funding from our banks prior to their  approval of
the amendment to the Fab 2 investment  agreements in order to receive an advance
of at least $13 million from its major  shareholders (vii) our ability to obtain
additional  financing for the Fab 2 project from equity  and/or wafer  partners,
the Israeli  Investment  Center,  our banks,  and/or other sources,  as required
under the Fab 2 business plan and pursuant to our agreements  with our wafer and
equity partners, banks and the Israeli Investment Center (viii) our satisfaction
of all other  conditions  under our  agreements  with our Fab 2 equity and wafer
partners,  the  Israeli  Investment  Center and our banks,  (ix)  obtaining  the
approval of the Israeli  Investment  Center to extend the  five-year  investment
period  under our Fab 2 approved  enterprise  program and of  amendments  to our
modified  business plan, (x) ramp-up of production at Fab 2, (xi)  completion of
the development and/or transfer of advanced process  technologies to be utilized
in  our   existing   facility  and  in  Fab  2,  (xi)  market   acceptance   and
competitiveness  of the products to be  manufactured  by us for customers  using
these  technologies,  (xii) obtaining  additional business from new and existing
customers (xiii) conditions in the market for foundry manufacturing services and
in the market for  semiconductor  products  generally and (xiv) possible loss of
our  exclusive  foundry  license  with Saifun if we fail to meet  certain  sales
levels  and  other  conditions.   A  more  complete   discussion  of  risks  and
uncertainties  that  may  affect  the  accuracy  of  forward-looking  statements
included in this press  release or which may  otherwise  affect our  business is
included at "Risk  Factors" in our most recent  Annual  Report on Form 20-F,  as
filed with the  Securities  and Exchange  Commission  and the Israel  Securities
Authority.

                                      # # #

PR Agency Contact      Investor Relations Contact     Corporate Contact
JULIE LASS             SHELDON LUTCH                  TAMAR COHEN
Loomis Group           Fusion IR & Communications     Tower Semiconductor Ltd.
+1 (713) 526 3737      +1 (212) 268 1816              +972-4650-6998
lassj@loomisgroup.com  sheldon@fusionir.com           pr@towersemi.com