With the US Congress passing the Chips and Science Act of 2022 on July 28, awaiting the US president Joe Biden to sign it into law, the global chips industry is far from having a sigh of relief. On the contrary, the real challenges have just begun. The Chips Act provides US$52.7 billion in subsidies for chip manufacturers, in addition to a US$200 billion funding for scientific research. While the legislation marks a significant milestone, its exact benefits and drawbacks remain unclear.