ChinaTalk How the US Won Back Chip Manufacturing
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Feb 17, 2026 Mike Schmidt, former CHIPS Program Office director who ran CHIPS implementation, and Todd Fisher, its founding CIO who managed deal-making and finance, discuss how the US rebuilt chip manufacturing. They explain which policy tools mattered and how teams, sequencing, and diplomacy made it work. Conversation covers industrial policy design, translating term sheets into awards, and building repeatable institutions.
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Pair Tax Credits With Targeted Discretion
- Combine baseline market incentives (like tax credits) with discretionary tools for specific chokepoints.
- Sprinkle targeted discretion where market incentives alone cannot create desired supply or capability.
A Lean 180-Person Industrial Startup
- The CHIPS Program Office peaked at about 180 people managing $39 billion and acted like a focused startup.
- That concentrated team woke up daily asking how to make the semiconductor industry successful in the U.S.
Cut Legal Friction To Close Deals Faster
- Simplify deal documentation by cutting nonessential legal hurdles to speed awards.
- Accept some structured risk trade-offs to make finalizing many deals manageable.