Goldman Sachs has weighed in on President Biden's CHIPS Act, saying the deal isn't that big a deal - not unless there's a huge international conflict between chip-making countries.
"Just shy of 80% of semiconductor chips are now made in Asia. The Covid-19 pandemic showed the dangers of having too many eggs in that basket. The ongoing chip shortage has many causes, but this overweight geographic focus was certainly prominent among them.
President Joe Biden is preparing to sign a $280 billion bipartisan bill to boost U.S. domestic high-tech manufacturing, part of his administration's push to boost U.S. competitiveness over China.