In efforts to curb the semiconductor shortage and jumpstart the technology industry, the United States Congress passed legislation that includes funding for manufacturing semiconductors. Partially in response to China’s increasing economic influence and partially in response to the semiconductor shortage, the CHIPS Act could be just what industry leaders need to kickstart the manufacturing of these important devices.

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Think about the apps you use daily—Google Drive, Netflix, Spotify, even Instagram. All of these run on cloud-based services, which basically means they store and process everything online instead of relying on one physical device. Businesses, big and...