India, Sept. 8 -- Chips may be the tiniest part of our phones or laptops, but they run the biggest part of our lives. Every time we call a friend, drive a car, swipe a card, or watch a movie online, a chip is silently doing its work. Without them, planes cannot fly, hospitals cannot function, and even armies slow down.

We learned this lesson during the pandemic when a global shortage of semiconductors threw supply chains into chaos. Automobile factories here at home had to cut production, smartphone launches were delayed, and prices of everyday gadgets went up. The world economy lost more than $200 billion simply because these small pieces of silicon were in short supply. It became clear to everyone that whoever secures a steady supply o...