Why it’s on the map
$60B US fab plan; $1.61B CHIPS; Sherman SM1 producing, RFAB3 H2 2026, Lehi Q1 2027 — most US-fabbed mainstream chip supplier if phase-2 semi tariffs land.
Government money & contracts
CHIPS $1.61B.
Customers & commercial
Auto/industrial (which are the tariff losers).
Catalysts
Q3 late Oct; 48D credit sunsets for starts after Dec 31, 2026.
Risk
Analog demand softness.
Tariff durability
Policy-backed.