President Joe Biden introduced a plan for $50 billion in chip research earlier this year. The spike was good news for Chevron (CVX) and Exxon Mobil (XOM), which returned roughly 100% and 70%, respectively, in the 1970s, but painful for everyone else, as inflation raged. The S&P 500 and Dow Jones Industrial Average rose just 17% and 5%, respectively, over the decade. If oil was the necessary component for the 1970s economy, chips provide the same function in the 2020s. They power everything from our computers and phones to our cars and appliances. And, as everyone knows by now, there is a shortage, with delivery times growing to more than 20 weeks, per Susquehanna Financial Group data. Roughly 80% of all the chips in the world are made in Northeast Asia. Politicians realize how big a problem this is, and they have started to demand local manufacturing, with President […]