“This investment that they’re making is contingent upon Congress passing the CHIPS Act [funding],” Raimondo said.
Supply chain snarls have kept a variety of industries, most notably the automotive industry, from being able to secure semiconductor chips, all while demand soars.
"Semiconductor demand is going to double in the next 10 or 11 years. It takes a couple of years to get a new facility up and running, which means these companies have to make their decisions now. GlobalWafer has made the announcement today because they need to have the cement in the ground at the facility in November," Raimondo said.
The commerce secretary, who has previously rallied for Congress to support a more robust American semiconductor industry to rely less on foreign suppliers, reiterated that time is of the essence. "It's time, I think, for people to get much more practical. … Everyone has to realize you're not going to get everything you want. We have to winnow this down to the essential items, get this passed and move quickly," she said.Disclaimer
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