The CHIPS Act earmarks $52 billion to revert a decades-long trend of US production shifting abroad to low-cost labor regions.There was evidence some of this production is being reshored, according to a WSJ report, revealing Taiwan Semiconductor Manufacturing Co., the world's largest contract chipmaker, is laying the groundwork for a second US factory in Arizona.TSMC is making a big bet on the revival of US semiconductor production after increasing US-China tensions led Washington to pass the CHIPS Act to spur domestic semiconductor manufacturing.Apart from domestic initiatives, the Biden administration has slapped China with export restrictions on advanced chips and curbed the sale of chipmaking equipment.Intel Corp. and memory maker Micron Technology Inc. are also investing in new US chipmaking factories as global supply chains are rejiggered due to national security threats."