America’s Chipmaking Push Will Continue No Matter Who Gets Elected

"I don't think there's going to be a considerable change in approach whether it becomes a Harris or Trump 2.0 administration," Stephen Ezell, the vice president for global innovation policy at the Information Technology and Innovation Foundation and the director of its Center for Life Sciences Innovation, told BI.

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"A Harris administration would probably be more likely to advance a CHIPS Act 2.0, just given the Democratic Party's general endorsement of industrial policy and willingness to invest significant sums to support industrial policy," Ezell said. "A Trump administration would probably not be opposed to a CHIPS Act 2.0, but it would probably be less likely to instigate one."

There could also be differences when it comes to tax policy. Ezell noted some semiconductor-manufacturing incentives — including the 25% investment tax credit in the CHIPS Act — were set to expire in 2026. While congressional approval would be required to extend the credit, Ezell said Trump, who has generally supported lower taxes for corporations, may be more likely to support such a move.