It has been just over a year since President Biden signed the bipartisan CHIPS and Science Act into law, promising many things including new jobs, strengthened supply chains, and the revitalization of America's global position in the semiconductor industry, making up for ground lost over the last few decades to countries overseas.

The microchip was invented in the United States in the late 1950s, and in the 1990s about 37% of the world's microchips were produced in the United States, but that number has fallen to about 10% today. For a number of reasons, the majority of microchip production, including the most advanced chips, has moved to countries such as Taiwan, Korea, and China. At the time that the 2022 CHIPS and Science Act was proposed, many industries and consumers in the U.S. had been severely impacted by supply chain disruptions and a shortage of microchips, creating both an economic and national security issue. To address this, the Act authorizes the U.S. government to provide financial incentives to expand capacity and stimulate improvement of domestic semiconductor manufacturing, to develop a workforce with the skills needed to support the expanded manufacturing capacity, and to increase research and development into new technologies that enhance the performance and capabilities of the microchips themselves.