Pat Gelsinger, who led Intel from 2021 to 2024, stressed on CNBC that the sole metric investors and policymakers should track is the number of semiconductor wafers produced on U.S. soil. While Intel unveiled progress on its sub-2 nanometer process and shipped initial wafers from its Ohio facility, Gelsinger warned these milestones are only early indicators. He noted that true industrial strength will be measured in monthly wafer starts—units that go through lithography, etching and packaging—rather than by product announcements or capacity targets alone.

In August 2025, the U.S. Treasury converted CHIPS Act grants and defense contracts into an equity position representing just under 10% of Intel’s outstanding shares—roughly 433.3 million shares. This investment, part of a broader national security strategy, gives the government a golden share with veto rights over board-level decisions. Intel has since announced plans for two new fabs in Arizona and Ohio, which combined aim to add over 200,000 wafer starts per month by 2028.

Gelsinger pointed out that over 70% of the industry’s most advanced node capacity currently resides in Taiwan and South Korea, where leading foundries have built ecosystems over thirty years. He cautioned that reclaiming even a third of that capacity will take at least a decade of sustained capital investment, talent development and supply-chain reshoring. Industry data shows global advanced-node capacity grew by 18% last year, almost entirely outside North America.

Looking ahead, Gelsinger argued that major fabless companies—specifically Nvidia and AMD—must shift some of their chip orders back to U.S. foundries to secure supply-chain resilience. Intel’s long-term strategy includes offering capacity under its Intel Foundry Services banner, with an initial goal of capturing 15% of western fabless production by 2030. These commitments, he said, are as critical as the physical fabs themselves in rebuilding a domestic manufacturing base.