The Biden administration has invested nearly $34 billion in building out domestic semiconductor manufacturing sites in just two years since the CHIPS and Science Act was passed. With increased competition from China in this sector and the growing AI chip trade, former White House CHIPS Coordinator and Duke University professor of business and public policy Aaron "Ronnie" Chatterji joins Catalysts to discuss US growth.
Chatterji commends the government's efforts over the past two years, stating "the government's done a great job" in attracting investments from major players like Intel (INTC), Samsung (005930.KS), Micron (MU), SK Hynix (000660.KS), and Taiwan Semiconductor Manufacturing Company (TSM).
Chatterji, who also served as the acting deputy director of the White House National Economic Council from December 2022 to August 2023, highlights that the US is now the only region in the world hosting the top five logic and memory producers.
"We needed the CHIPS Act before the AI boom, and now with the AI boom we're gonna have a chance to participate in manufacturing some of those high-end chips here in the United States," Chatterji comments to Yahoo Finance, furthering the US position to capitalize on the growing global demand for semiconductors.
Ahead of the first presidential debate between 2024 candidates Vice President Kamala Harris and former President Donald Trump, Chatterji also weighs in on the "bipartisan consensus" the CHIPS Act was passed under, which he believes only strengthens the durability and longevity of the program no matter who is in the White House.
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