because of the pandemic, when factories shutdown in asia they had no idea they were supplying essential materials to us, shutdown around the world. these small computer chips, the size of your finger tip, they affect nearly everything in our lives. our cell phones. automobiles, refrigerators, weapons systems, everything. america invented these chips we made them smaller, faster and more powerful. but over time we went from producing 40% of the world s chips down to just 10% of them despite leading the world in research and design. you saw what happened during the pandemic when the global economy came to a halt overseas factories that made the chips shutdown driving up the costs for everyone around the world, particularly american families every new car built needs as many as 3,000 of these chips during the pandemic, that s the reason car prices skyrocketed. and in some cases new car production shutdown because the chips were in short supply but now the private sector at home
many as 3,000 of these chips during the pandemic, that s the reason car prices skyrocketed. and in some cases new car production shutdown because the chips were in short supply but now the private sector at home and abroad are investing over 400 billion in advanced manufacturing and clean energy here in america. [ cheers and applause it s not an exaggeration to say that s a scale never seen before in this nation. never seen before. it s transformative. one of the private companies investing is intel i visited what i call the field of dreams. about a thousand acres outside of columbus, ohio. where intel has committed $20 billion to build two new chip factories