Semiconductors are 'the new oil.' That has major implications for business

The most important product of the 20^th century, Daniel Yergin showed in his Pulitzer Prize winning book The Prize, was oil. Since the century’s early years, he wrote, “Oil has meant mastery.” Those who had it or could get it ruled the world. It’s now increasingly clear that the prize of the 21^st century is the semiconductor. Just as oil influenced momentous events of the 20^th century, semiconductors are playing the same role.  

Secretary of State Antony Blinken declared the new era in October 2022, just days after the federal government imposed historically broad controls on export of chips and chip-making equipment to China. “The post-Cold War world has come to an end,” he said. “and there is an intense competition underway to shape what comes next. And at the heart of that competition is technology.”