Part 2/12:
When President Joe Biden inked the Chips and Science Act into law, the industry and policymakers alike heralded it as a game-changer. Major corporations such as IBM and GlobalFoundries already have semiconductor facilities in New York, with Micron Technologies poised to add an eye-popping $100 billion investment to set up a massive chip manufacturing plant in central New York. The legislation’s intent was clear: reduce the U.S.'s reliance on foreign supply chains, particularly amid the global chip shortage exacerbated by COVID lockdowns and Taiwan's critical role in chip production. This law also aimed to accelerate the regulatory process, moving beyond the typical bureaucratic sluggishness that often hampers large industrial projects.