Everything from light switches, cell phones, cars, and even military equipment needs semiconductors. And with more than 80% of semiconductors produced overseas, disruptions to the supply chain in recent years made it difficult for domestic manufacturers to produce a wide range of consumer goods.
In response to the issue, Congress recently passed the CHIPS Act, a $280 billion spending package aimed at encouraging the growth of the US-based semiconductor industry. President Joe Biden signed the bill into law on Aug. 9.
