The president’s attack on the key tenet of the Biden administration’s industrial policy has set off concerns that he may claw back its funding.

"Your CHIPS Act is a horrible, horrible thing. We give hundreds of billions of dollars and it doesn't mean a thing. They take our money and they don't spend it," went Trump's speech to Congress. "You should get rid of the CHIPS Act and whatever is left over, Mr. Speaker, you should use it to reduce debt."

The president’s comments are on the heels of Taiwanese chipmaker TSMC committing $165 billion to U.S. facilities.