The federal “CHIPS and Science Act” turned two years old last week. So how have things gone in that time? The good news is, the tens of billions of dollars in grants, loans, and tax credits authorized by the law appear to have encouraged global chipmakers to build (or at least promise to build) new manufacturing facilities in the US, as evidenced by a large uptick in manufacturing construction spending since 2022. The bad news is, we just don’t know yet whether this spending will translate into a vibrant, cutting-edge US semiconductor industry. In fact, there’s currently a disconnect between elevated spending on chipmaking buildings and still-tepid spending on the equipment needed to actually make those chips. So, the jury’s still out on what’s actually going to go into the massive structures now being built. That question should get resolved in the coming months as the shells get completed. Bigger CHIPS questions, however, will remain. And Intel, the top recipient of CHIPS subsidies, is perhaps the biggest one of all. Scott Lincicome, Vice President of General Economics & Stiefel Trade Policy Center at the CATO Institute, joins Newell to discuss how Intel is doing and what the future holds for the industry.