Drawing lessons from the ongoing shortages in chip supply, the United States, China and the European Union are adopting industrial policies to secure semiconductor supply chains as well as economic and technological competitiveness. The EU Chips Act, announced in February 2022, represents a real break in Europe's industrial policy. Are semiconductors the new oil? The answer might be more complicated than just yes or no. Giuseppe Porcaro, Niclas Poitiers and Pauline Weil unpack the economics and geopolitics behind the Chips Act.