Wolfspeed (WOLF) is set to receive a $750 million CHIPS Act grant from the Biden Administration as it seeks to bring chip manufacturing back to America. Wolfspeed CEO Gregg A. Lowe discusses his outlook for domestic chipmaking in the US and how the presidential election may impact it.

Lowe believes that "economies around the world are too intertwined" for the US chip manufacturing industry to be completely independent. He elaborates that if "you don't want to be completely reliant on somebody either. So I think there's a balancing act there. I believe in trade and I believe in cooperation and so forth, and so I think the economies of the world really are too independent to have that as a goal."

However, he stresses the importance of reshoring the semiconductor technology, which the CHIPS and Science Act has helped work toward. With the 2024 presidential election just three weeks away, Lowe emphasizes the fact that the act was a bipartisan measure.

"Both parties are very, very focused on securing national interests and economic interests by bringing the semiconductor technology back to the US and making sure that we have a strong standalone semiconductor industry," he says.

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This post was written by Melanie Riehl