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Here’s a bit of an inside scoop: During the early days of the CHIPS Act, members of the congressional team responsible for drafting the act visited a US ally in East Asia with a substantial domestic semiconductor industry.
The “two sessions” in early March – the National People’s Congress and the Chinese People’s Political Consultative Conference – took no macroeconomic action of significance, to the consternation of pundits who expected dramatic action from Beijing in the form of monetary ease, or consumption stimulus, or a property bailout.
Federal spending on fundamental scientific research is pivotal to America’s long-term economic competitiveness and growth. But less than two years after agreeing the US needed to invest tens of billions of dollars more in basic research than it had been, Congress is already seriously scaling back its plans.
Europe invests a lot in research, and publishes and patents many ideas. But it fails to compete with the US and China when it comes to translating its innovation effort into large, global technology firms. The seven largest US tech companies, Alphabet (Google), Amazon, Apple, Meta, Microsoft, Nvidia and Tesla, are 20 times bigger than the EU’s seven largest, and generate more than ten times more revenue.
A global race to build powerful computer chips that are essential for the next generation of artificial intelligence (AI) tools could have a major impact on global politics and security.