What just happened? The US Senate has passed the CHIPS Act, giving the domestic semiconductor-production industry a $52 billion boost in the form of subsidies that will go toward the construction of new fabs. The long-term goal is to lessen reliance on Taiwan, especially in light of worsening relations with China, and mitigate against the worst effects of the current chip shortage—and any future ones. chip makers. There will also be an investment tax credit for chip plants estimated to be worth $24 billion. The incentives do come with some restrictions for companies that have a presence in China or...