$Intel(INTC)$ The CHIPS Act is a dumb idea designed to entrench politicians and bureaucrats; all they needed to do was to impose (with sufficient advance notice) an import tariff on semiconductor imports to equalize the labor arbitrage between the US and Korea/Taiwan, with said tariff coming into effect, say, in three equal steps over three years starting in 2024
The markets and private capital would have taken care of the rest
Obviously the tariff would go against WTO rules (as would the CHIP Act subsidies), but government lawyers and bureaucrats can actually earn their salary by finding an appropriate workaround to that.
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