The Inflation Reduction Act and the CHIPS Act Are a Nationalist Retrenchment

The Biden administration is actually trying to bring together multiple narratives. I think the CHIPS Act and also the Inflation Reduction Act both have this element. It's got a very strong resilience aspect of not wanting to rely on semiconductors being manufactured 90% in Taiwan, which may be subject to invasion. We're even seeing the big Taiwanese chip maker TSMC is building a factory in Phoenix,.