When the U.S. Congress passed the CHIPS and Science Act in August 2022, it committed $53 billion to fund semiconductor research and manufacturing in the United States. As a result of this legislation, advanced chip manufacturers have been racing to build new U.S. factories. Since then, however, it has quickly become apparent that fabrication capacity alone will not be enough to make the United States a semiconductor powerhouse. What the country lacks is not raw materials or capital. The main constraint is a shortage of talent.
