Chip makers are refusing to build new semiconductor plants in the U.S. unless Congress unlocks $52 billion in funding

The world’s third-largest maker of semiconductor wafers, Taiwan’s GlobalWafers, announced plans to build a $5 billion factory in the U.S. on Monday—but only if the government helps pay for it.

“This investment that they’re making is contingent upon Congress passing the CHIPS Act. The [GlobalWafers] CEO told me that herself, and they reiterated that today,” U.S. Commerce Secretary Gina Raimondo told CNBC, the same day GlobalWafers announced its development plan.

Congress actually