Commerce Secretary Gina Raimondo said CHIPS Act investments will enable the US to produce around 20% of leading-edge logic chips by 2030. Currently, US fabricators produce 0%. Leading-edge logic chips power technologies like AI, quantum computing, and machine learning. The CHIPS Act aims to build at least two new domestic fabrication clusters for cutting-edge chips and is expected to create hundreds of thousands of high-paying American jobs. National security concerns will factor into denying some of the 600+ companies seeking CHIPS funds.