In 2022, with bipartisan support, Congress passed the CHIPS and Science Act, an ambitious plan to juice domestic manufacturing of a product vital to national security: semiconductors.

Two years later, the government has doled out more than half of the CHIPS Act’s $39 billion in incentives. And it’s working out just as well as the Jalen Brunson signing for the Knicks. According to the FT…

• Chip companies and their suppliers have announced US investments of $327 billion over the next 10 years, per the Semiconductor Industry Association.
• Construction of manufacturing facilities for computing and electronics devices has jumped 15x, government data shows.
• By 2030, the US will likely produce around 20% of the world’s most advanced chips, according to Commerce Secretary Gina Raimondo. Right now, it’s making 0%.

The proposed factories are massive and could transform regional economies. Micron, which received $6.1 billion in federal grants last week, plans to invest $100 billion in a manufacturing campus near Syracuse. That would be the single largest private investment in New York history, Sen. Majority Leader Chuck Schumer said.

How we got here

The US had an “oh snap” moment during Covid, when supply chain bottlenecks highlighted how the chips Americans rely on to power modern life were made overseas.

• Semiconductors are a key input for a range of everyday products—like cars. During the chip shortage of 2021, global auto production plunged 26%, according to JPMorgan.
• But it’s their use in more sensitive areas like the military, data centers, and telecoms that spurred Congress to act and ensure the US maintains its technical edge over its No. 1 geopolitical rival: China.

The CHIPS Act has critics. Economists generally think it’s bad policy for governments to heavily subsidize certain domestic industries, since it could lead to a “race to the bottom” where countries artificially boost their own manufacturing at the expense of free trade. And the highest-profile CHIPS Act projects in the US, such as TSMC’s in Arizona, have been delayed due to a lack of workers.

Looking ahead…TSMC recently said it had made “significant progress” on building its first AZ factory and could begin making chips there in the first half of 2025.—NF

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Elon Musk made a surprise trip to China. A week after postponing a trip to India due to “very heavy Tesla obligations,” Musk found time to fly to Beijing, where he’s meeting with Chinese officials. According to Reuters, the purpose of the visit is to discuss the rollout of Tesla’s Full Self-Driving driver-assistance software in China, which is not yet available in the country due to data collection concerns. The visit comes at a critical time: China is Tesla’s second biggest market after the US, but low-cost rivals there are eating away at its market share.

Tornadoes continued to slam the Midwest. At least four fatalities were reported in Oklahoma after tornadoes struck several towns in the southern part of the state on Saturday night, leveling neighborhoods and causing widespread damage. On Friday, Nebraska and Iowa reported 78 tornadoes close to the metro areas of Omaha, Lincoln, and Des Moines (including this twister caught on high-definition video). It’s “virtually unheard of” to have two consecutive days of tornado outbreaks from two separate storm systems, highlighting the mercurial spring weather in the Midwest, per the Washington Post.

Did the government do something people…liked? Could be—the IRS said its pilot for a free tax filing website was a big success. Nearly 141,000 people used the Direct File system this past tax season, crushing the goal of 100,000. The IRS also said the website came in way under budget, amounting to just $17 in operating costs per tax return processed. The pilot program was limited in scope, applying to certain types of filers in just 12 states, and it’s unclear whether it’ll be renewed for next year.

There’s a new contender in the arena of meme footwear—the New Balance 1906L.

Is it a sneaker? Is it a loafer? This hybrid shoe that laughs in the face of God doesn’t have to decide. The snoafer, which won’t be available until August, recently joined the club of odd-looking shoes going viral on social media.

• Two weeks ago, a Crocs x Pringles collab launched boots with a holster for the canned potato chips…and sold out immediately.
• Last year, celebrities fell over themselves to get their hands on the huge red boots from MSCHF that looked like they belonged on Super Mario’s feet.

The relative normalness of snoafers (they also come in brown/navy) gives them the potential to last long after the meme industrial complex has finished its work, fashion watchers say.

The reviews are positive. “It is a sneaker that dares to be worn with a suit,” was the WSJ’s take, envisioning its future at offices and weddings as opposed to pickleball courts. Axios believes the snoafer is a response to the shift to remote work and more indulgence in fashion that prioritizes comfort. GQ sees it as a lifestyle sneaker that’s “an upgrade over the Allbirds that run rampant in Silicon Valley.”—DL

One of TIME’s best inventions. For just a few more hours, Global Air Cylinder Wheels (GACW) is inviting private investors to participate in their capital raise. They’re pioneering a more durable, safe, and 100% recyclable wheel that doesn’t overheat or shed rubber like tires do, with $3m+ in sales and trials with some of the world’s top mining companies. Invest in GACW by midnight tonight.

Stat: Say you want to head to the Hamptons this summer. You’re too ostentatious to take a train or the Hampton Jitney but nowhere near wealthy enough to pay for a helicopter. Your very specific weekend prayers have been answered—the air taxi company Blade is offering a one-way, first-class bus trip to the setting of Weekend At Bernie’s for up to $275 starting Memorial Day weekend. That’s significantly pricier than the Jitney ($41) and train ($31.75) but a downright steal when compared to the cost of a Hamptons trip on a Blade helicopter ($1,050). Perks of the luxury bus, which has just 19 seats, include snacks, drinks, pillows, blankets, and the satisfaction of knowing you’re not on the LIRR.

Quote: “I blame Facebook for January 6.”

Aaron Sorkin said that’s the impetus for a potential movie he’s writing about the storming of the Capitol on Jan. 6, 2021, that would serve as a sequel to The Social Network. During an interview with The Town podcast, the Social Network and West Wing writer put the responsibility for Jan. 6 on Facebook’s algorithm, which he said is designed “to promote the most divisive material possible.” Sources told The Hollywood Reporter that this screenplay is in its early stages and doesn’t have a studio partner, although the idea of seeing a fast-paced walk-and-talk involving the QAnon Shaman should send the studios into a bidding frenzy.

Read: Buying a house? In this economy? Here’s how nine people pulled it off. (Washington Post)

Fed meeting, jobs report on tap: It’ll be a big week for hot takes on the US economy, with the Federal Reserve meeting Tuesday and Wednesday and the April jobs report dropping Friday. Because inflation has been sticking around, the Fed is expected to hold interest rates steady at this meeting and for the foreseeable future, a 180 from what seemed likely at the beginning of the year. On the jobs front, economists are projecting another strong month for employment growth.

Amazon, Apple, and Eli Lilly on earnings docket: Two more Magnificent Seven companies will report after Alphabet and Microsoft calmed nerves with blowout financials last week. While analysts expect huge revenue growth from Amazon, there’s significantly less optimism around Apple’s business as the company confronts declining iPhone sales in China. Also, pharma giant Eli Lilly will reveal how well its blockbuster weight loss and diabetes medications have been selling.

The Kentucky Derby is on Saturday: And it’s not just any Derby—it’s the 150th running of the longest-running continuously held annual sporting event in the US. Fierceness is the 5–2 favorite in the first leg of horse racing’s Triple Crown. Did you know? Churchill Downs is a publicly traded company, and last Thursday, its stock had its best day in nearly six months after posting record revenue and profits.

Everything else…

• On Wednesday, in our best Justin Timberlake voice, it’s gonna be May.
• Donald Trump will campaign in Michigan and Wisconsin on Wednesday, the day off from his ongoing hush money trial in Manhattan.
• Berkshire Hathaway’s annual shareholders meeting (aka “Woodstock for Capitalists”) will take place in Omaha on Saturday. Expect tributes to Warren Buffett’s longtime business partner, Charlie Munger, who died last year at 99.