What's Happening With the U.S. Semiconductor Market

Intel Corp. Chief Executive Patrick Gelsinger is guiding the chip giant through a period of industry upheaval. On the one hand, U.S. semiconductor makers are grappling with softening demand for chips amid inflation and recession fears, and facing new government restrictions on certain exports to China. On the other hand, the industry is about to get more than $50 billion in subsidies to help it shift more production to the U.S. from Asia, thanks to the bipartisan Chips and Science Act that President Biden signed into law over the summer. Under Mr. Gelsinger, who lobbied heavily for the legislation, Intel is going on an expansion spree, investing heavily in new factories in Ohio and other places. The company has also moved forward with an initial public offering of Mobileye, its automated-driving unit.