Ohio’s Tourism Ads Seem to Be Working

💰 On Friday, Ohio Governor Mike DeWine announced that Intel would invest up to $100 billion to build potentially the world's largest semiconductor chip-making complex in Ohio. An initial $20 billion investment – the largest in state history – will go to build a plant in the Greater-Columbus area.

• Intel was surpassed as the world’s No. 1 semiconductor vendor by Samsung last year, according to data from Gartner.
• This move is part of CEO Pat Gelsinger's strategy to restore Intel's dominance in chip making and reduce America's reliance on Asian manufacturing hubs, which have a tight hold on the market.
• 12% of the world's chips are currently made in the US, down from 37% in the 1990s, per industry officials. About 75% are made in Asia.

🏭 Zoom out: Intel previously announced plans to invest $20 billion to expand its operations in Arizona, seeking to essentially build a mini-city of chip fabrication centers – similar to what it’s also planning to do in Ohio. Rivals Samsung and TSMC have also publicized big investment plans in the US.

+On Capitol Hill: The Senate passed the U.S. Innovation and Competition Act in June that provides $52 billion in federal investments for semiconductor production. The legislation is pending in the House.

+Go deeper: A global semiconductor shortage has been affecting the production of everything from smartphones to cars, and is expected to stretch into 2023. What are semiconductors?