The Significance of Semiconductors in the Global Economy

Semiconductors have become a vital component of the digital age, with most aspects of life becoming more digital. The importance of semiconductors in economic growth and national security has led to increased industrial policy legislation, such as the EU Chips Act and the US Chips Act. Efforts are being made to rebuild the semiconductor industry in the US and Europe, which have seen a decline in market share over the years. Although progress has been made, it takes time to establish new manufacturing facilities and ensure a balanced and resilient supply chain.