The latest issue of American Affairs features a deep dive into the U.S.’s lagging semiconductor manufacturing industry. The writers argue that restoring domestic chip fabrication (via Intel foundry and only Intel foundry) is essential to reversing America’s dependence on foreign suppliers like TSMC. There are lots of defense related angles here, but it’s a good perspective on what is going wrong and how it might be fixed.

“Intel Foundry is not really a case of ‘too big to fail’; it is a case of ‘too intertwined with national security to fail.’ There are no other U.S. company alternatives to Intel Foundry: the capital costs of entering advanced chip manufacturing, R&D, and production are staggering, the technology challenges and risks are massive, and all of Intel’s former U.S. competitors have by now exited advanced chipmaking.”

The writers make clear that this is a long game, one that goes well beyond even the CHIPS Act’s 2027 horizon. They present a stark picture of Intel’s decline, but also outline a path forward, grounded in scale and industrial policy. Read the full piece here.