In this notoriously capital-intensive industry, the CHIPS Act's $52 billion investment is relatively small. For example, in 2022, just one company, TSMC, announced new capital investments of over $40 billion, building on $30 billion invested last year. Samsung plans to invest $355 billion in its semiconductor and biopharmaceutical technologies over the next five years. Since the semiconductor industry is the single most important global niche held by South Korea and Taiwan, government and commercial conglomerates in those countries are likely to do whatever is necessary to maintain their supremacy. The CHIPS Act thus signals the start of a high-stakes global race, leading to more public and private money in the semiconductor industry.