Governing bodies worldwide have taken steps in recent years to boost local chip manufacturing, such as tax incentives and funding. For instance, the European Union just approved the Chips Act, regulations meant to improve its member states' semiconductor production capacity. First announced in February 2022, the Chips Act aims to use €43 billion ($47.5 billion) in investments to increase the EU's cut of microchip production to 20 percent in 2030 — it currently sits at about 10 percent. The Council of the European Union also hopes it will "attract investment, promote research and innovation and prepare Europe for any future chip supply crisis." The semiconductor industry is projected to be worth $1 trillion by 2030, led by smartphones, servers, data centers, and storage applications. In approving the Chips Act, the EU might remove some of its reliance on foreign entities, like China, to produce semiconductors. "With the Chips Act, Europe will be a frontrunner in t...