Statecraft Did the CHIPS "Everything Bagel"...Work?
Dec 12, 2025
In this insightful discussion, Mike Schmidt, the inaugural Director of the CHIPS Program Office, Todd Fisher, the Chief Investment Officer, and Sara Meyers, Chief of Staff and COO, unveil the inner workings of the CHIPS Act. They delve into the rapid ramp-up strategies and the complexities of interagency negotiations. The trio shares lessons learned from their experience managing a $39 billion semiconductor incentive program, balancing national security priorities with economic goals, and the crucial negotiations with tech giants like TSMC. Their candid reflections make for a compelling listen!
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Start From Scratch Like A Startup
- CHIPS began as a startup inside government with no people, processes, or strategy and required rapid visioning and team-building.
- Mike Schmidt framed early imperatives as building a vision, hiring top talent, and designing program mechanics to measure success.
Fund Administration Generously
- Secure adequate administrative funding early to hire fast and scale operations.
- Mike noted $708M of admin funding enabled rapid hiring and program ramp-up.
Measure Both Execution And Outcomes
- Success metrics were both executional (awarding funds) and outcome-based (catalyzing private investment and onshoring production).
- They awarded $34B in under 2.5 years and spurred nearly $600B in announced private semiconductor investments.