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Every modern technology — from smartphones to aircraft and artificial intelligence — depends on one thing: semiconductors. Often referred to as chips, these are tiny electronic components that serve as the building blocks of digital systems, enabling devices to think, calculate, and communicate. In 2024, the global semiconductor industry sales reached $630.

For decades, global business followed a simple formula: produce where it costs less, hire from where labor is cheaper, and sell where margins are higher. Economists refer to this as global labor arbitrage — the movement of both capital and people to capitalize on wage differences across borders. Factories moved production