🏗️ Axios PM: High-tech boom

Plus: Ironman for the 1% | Tuesday, December 06, 2022

Open in app View in browser   Presented By Business Roundtable   Axios PM By Mike Allen · Dec 06, 2022 Good afternoon. Today's newsletter, edited by Sam Baker and copy edited by Sheryl Miller, is 499 words ... a 2½-min. read. 🚨 Bulletin: The Trump Organization has been found guilty of tax fraud.     1 big thing: High-tech chips, made in America TSMC plant under construction in Phoenix. Photo: Megan Mendoza/The Arizona Republic via Reuters A whole lot of highly advanced chip manufacturing will soon happen in the U.S. — a major victory in the Biden administration's push to stand up a domestic supply chain. TSMC, which makes the chips that power iPhones and a host of other products, today said it's tripling its investment in new manufacturing facilities in Arizona. Why it matters: It's one thing to make chips here. But it's also important to make the leading-edge chips, Axios Login author Ina Fried writes. Right now, virtually all the state-of-the-art chips are made in Taiwan or Korea — and mostly in Taiwan. Diversifying that supply base is critical for both economic and national security. Details: Taiwan-based TSMC is the world's largest contract chipmaker. It's now planning to pour a total of $40 billion into two manufacturing facilities in Phoenix. That will be one of the largest foreign direct investments in U.S. history, according to Reuters. President Biden traveled to Phoenix today to mark the occasion, as did Apple CEO Tim Cook. It's a sign that Washington and the tech industry put a high premium on establishing such a large manufacturing footprint so far outside China's potential reach. Go deeper: China loses grip on global manufacturing.     2. Congress honors police for Jan. 6 service Law enforcement officers receive medals from congressional leaders in the Capitol Rotunda today. Photo: Bill Clark/CQ-Roll Call via Getty Images Law enforcement officers who defended the Capitol on Jan. 6, including members of the Capitol Police and the Metropolitan Police Department, were awarded the Congressional Gold Medal today. Photo: Alex Brandon/AP Go deeper.     A message from Business Roundtable 50 years of promoting a thriving U.S. economy     Business Roundtable CEOs lead companies that account for: 37 million American jobs. $3.5 trillion in annual wages. $10 trillion in sales activity. 24% of U.S. GDP. Learn more about the economic impact and policy priorities of Business Roundtable.     3. Catch up quick Raphael Warnock campaigns in Norcross, Ga. Photo: Win McNamee/Getty Images Polls close at 7 p.m. in Georgia's Senate runoff. Beijing is easing up some of its COVID requirements following large protests last week. Go deeper. The suspect in the Club Q shooting was charged with 305 counts, including 10 counts of murder. Go deeper. The House Jan. 6 committee has decided to make criminal referrals. (CNN)     4. 🏋️ 1 fun thing: Ironman training for the 1% Illustration: Gabriella Turrisi/Axios   It feels like an unsubtle plot point from "Billions." But it's real: The New York Times Magazine offers a peek into the world of ultra-wealthy, ultra-hardcore business executives who like to unwind with a nice ... Ironman competition. Ironman XC — the Ironman niche that caters to CEOs and other executives — offers all of the perks you'd expect. Competitors get a plush hotel suite right by the starting line. Their families watch from a VIP tent. Most importantly, technical assistance for bikes or other equipment is at the ready. Some executives spend six figures per year just on their Ironman hobby. 🥊 Reality check: All the money in the world can only coddle you so much during the "70.3" — a 1.2-mile swim, followed by a 56-mile bike ride, followed by a half-marathon. "You are going to draw a whole bunch of lessons about overcoming challenges, adversity, etc.," Ironman XC coach Matt Dixon told The Times. "[Y]ou don't have to be that smart to join the dots to the same lessons that come in life." Go deeper.     A message from Business Roundtable 50 years of advocating for a stronger America     Business Roundtable CEOs work closely with policymakers to solve the major economic challenges facing the country. They lead companies that account for 24% of U.S. GDP. Learn more about the policy priorities of Business Roundtable CEOs.   Are you a fan of this email format? Your essential communications — to staff, clients and other stakeholders — can have the same style. Axios HQ, a powerful platform, will help you do it.   Axios thanks our partners for supporting our newsletters. If you're interested in advertising, learn more here. Sponsorship has no influence on editorial content. Axios, 3100 Clarendon B‌lvd, Arlington VA 22201   You received this email because you signed up for newsletters from Axios. Change your preferences or unsubscribe here.   Was this email forwarded to you? Sign up now to get Axios in your inbox.   Follow Axios on social media: