Supply-Chain Geopolitics — CHIPS Act, Export Controls
The October 2022 export controls, the CHIPS Act subsidy regime, technology nationalism, and what each policy actually does
On August 9, 2022, US President Joe Biden signed the CHIPS and Science Act into law. Approximately two months later, on October 7, 2022, the US Department of Commerce's Bureau of Industry and Security (BIS) published a sweeping export control package restricting exports to China of advanced semiconductors, semiconductor manufacturing equipment, and the labor of US persons working on advanced semiconductor development in China. Two policies, sixty days apart, together produced the largest reorientation of global semiconductor industrial policy since the 1980s.
The CHIPS Act is the carrot — subsidies and tax credits to incentivize US-based manufacturing. The October 7 controls are the stick — restrictions to constrain Chinese access to leading-edge capacity. Both have been updated and expanded repeatedly through 2023-2025; both have produced first-order effects on the equity values of every name in the global semiconductor supply chain.
That is the opening. Finishing a lesson is where it stops being interesting and starts being useful: the full lesson runs to 7 sections and ends with 6 practice questions. A free account is what opens the rest, and the other 255 lessons in the Academy with it. No card.
What this lesson covers
- 1The October 7, 2022 BIS export controls — what they actually restrict
- 2How the CHIPS Act and export controls interact strategically
- 3CHIPS Act major awards announced through end-2024
- 4Why CHIPS Act funding is necessary but not sufficient for US fab competitiveness
- 5October 7, 2022 — the day BIS repriced the global semicap sector
- 6Where to see this on the platform
- 7Summary