Semiconductors / Onshoring

Where it stands

Each step compares the last four complete quarters with the two years before. A theme usually moves left to right: companies push, Congress and the White House act, the government buys, and markets respond.

1. 1. Companies pushing
   Steady

   188 companies and groups lobbied on it in Q2 2026, against 219 a year earlier.

2. 2. Congress
   Steady

   5 bills introduced and 0 became law in the last four quarters, against 4 and 0 a year before that.

3. 3. White House and agencies
   Falling

   1 proposed rule, 1 final rule and 1 presidential action in the last four quarters, against 8 a year before that.

4. 4. Government buying
   Steady

   77 purchase plans and award notices in the last four quarters, against 85 a year before that (records start October 2023).

5. 5. Markets
   Falling

   3 insider purchases in the theme's companies in the last four quarters, against 7 a year before that. Their stocks: +166% over the same year, against +14% for the S&P 500. Among the 50 largest holdings of the funds we track, these stocks were worth $815.7B at the end of Q1 2026, against $82.6B a year earlier; the figure moves with prices and with how many funds rank them that high.

The setup

The US government is actively onshoring semiconductor and critical material production, driven by national security concerns. The Department of Defense is securing domestic supply chains for advanced microelectronics, while Congress is moving to accelerate sanctions on China's tech sector. Concurrently, the White House is leveraging Section 232 tariffs to incentivize domestic manufacturing across several key industries.

How this developed

1. Mar 17, 2025DoD's Defense Microelectronics Activity awards GLOBALFOUNDRIES U.S. 2 LLC a $65.08M contract for Trusted Foundry Access (TFA) for ASICs.Federal contract
2. Mar 23, 2026DoD's Defense Microelectronics Activity awards GLOBALFOUNDRIES U.S. 2 LLC a $26.48M contract for Trusted Foundry Access (TFA) for ASICs.Federal contract
3. Apr 22, 2026HR8169, the Export Control Enforcement and Enhancement Act, passes House Foreign Affairs 44-0, accelerating China tech sanctions.Bill
4. Jul 20, 2026Presidential Proclamation strengthens Section 232 tariffs on aluminum, incentivizing new U.S. primary aluminum production.Executive action
5. Aug 6, 2026Presidential Proclamation imposes minimum import price and 15% tariff on polysilicon and derivatives, incentivizing domestic production.Executive action
6. Aug 13, 2026Presidential Proclamation imposes 25-100% tariffs on imported UAS and components, authorizing an onshoring program.Executive action
7. Oct 2, 2026Presidential Proclamation designates National Manufacturing Day, celebrating administration's manufacturing policies.Executive action

The full story, year by year

* Year to date. Lobbying is the most companies and groups naming the theme in any one quarter. Insider buys are officer and director open-market purchases in AMAT, LRCX, KLAC, ENTG, ONTO, ACMR, SKYT, AMKR, INTC, MU, TER. Fund holdings are the value of these companies among the top 50 positions of the funds whose 13F filings we track, at the latest quarter of each year. Stock returns are an equal-weight basket of the same companies with prices on file, split-adjusted, without dividends, against the S&P 500 over the same quarters.

• Lobbying before 2025 comes from filings that name the theme; the full lobbying archive is still loading.
• Lobbying reports for Q3 2026 are still being filed, so the comparison uses Q2 2026.

Why it matters

• The Department of Defense has committed over $91.5 million (E1, E4) to GLOBALFOUNDRIES for Trusted Foundry Access, indicating a strategic effort to secure domestic supply chains for critical Application Specific Integrated Circuits (ASICs).
• HR8169 (E5) passing committee 44-0 signals strong bipartisan support for dramatically accelerating China tech sanctions, which could significantly impact revenue for China-exposed semiconductor companies while benefiting domestic foundries like Intel.
• The White House is using Section 232 of the Trade Expansion Act to drive onshoring across multiple sectors, including aluminum (E7), polysilicon (E8), and unmanned aircraft systems (E10), by imposing tariffs and offering incentives for domestic production.
• The sequence of executive actions (E7, E8, E10) demonstrates a coordinated strategy to use trade policy to rebuild U.S. manufacturing capacity in critical sectors, moving beyond semiconductors to broader industrial base concerns.

Companies exposed to this theme

The record · 7 items, oldest first

• Mar 17, 2025Federal contractGLOBALFOUNDRIES U.S. 2 LLC: THE TRUSTED FOUNDRY ACCESS (TFA) CONTRACT ACQUIRED SUPPLIES ASSOCIATED WITH APPLICATION SPECIFIC INTEGRATED CIRCUITS. (ASIC)
• Mar 23, 2026Federal contractGLOBALFOUNDRIES U.S. 2 LLC: THE TRUSTED FOUNDRY ACCESS (TFA) CONTRACT ACQUIRED SUPPLIES ASSOCIATED WITH APPLICATION SPECIFIC INTEGRATED CIRCUITS. (ASIC)
• Apr 22, 2026BillTo amend the Export Control Reform Act of 2018 to provide for expedited consideration of proposals for additions to, removals from, or other modifications with respect to entities on the Entity List, and for other purposes.
• Jul 20, 2026Executive actionProclamation: Further Strengthening Actions Taken to Adjust Imports of Aluminum into the United States
• Aug 6, 2026Executive actionProclamation: Adjusting Imports of Polysilicon and its Derivatives into the United States
• Aug 13, 2026Executive actionProclamation: Adjusting Imports of Unmanned Aircraft Systems and Unmanned Aircraft Systems Components into the United States
• Oct 2, 2026Executive actionProclamation: National Manufacturing Day, 2026

Some keyword matches were judged unrelated to this theme and are excluded from the record above.

How this story evolved

• Oct 16, 2026, 5:13 AM ETreal35 recordslatest record Oct 13, 2026

  DoD invests $91.5M in trusted foundries as Congress pushes accelerated China tech sanctions and the White House uses Section 232 to onshore critical materials.

  The US government is actively onshoring semiconductor and critical material production, driven by national security concerns. The Department of Defense is securing domestic supply chains for advanced microelectronics, while Congress is moving to accelerate sanctions on China's tech sector. Concurrently, the White House is leveraging Section 232 tariffs to incentivize domestic manufacturing across several key industries.

• Oct 15, 2026, 5:13 AM ETreal278 recordslatest record Oct 13, 2026

  Commerce and DoD push domestic semiconductor and electronics manufacturing with tariffs and R&D, citing national security.

  The US government is actively pursuing the onshoring of semiconductor and electronics manufacturing, driven by national security concerns and supply chain resilience. This initiative is spearheaded by the Department of Commerce and the Department of Defense, utilizing a combination of tariffs, R&D investments, and procurement strategies. The effort began to accelerate in late 2024 and intensified significantly in 2026 with presidential proclamations.

• Oct 14, 2026, 5:14 AM ETreal36 recordslatest record Oct 13, 2026

  Executive orders impose tariffs and incentivize domestic production of polysilicon, aluminum, and drones to onshore critical supply chains.

  The US government is actively using Section 232 tariffs and domestic production incentives to onshore critical manufacturing capabilities, particularly for materials vital to semiconductors, solar, and defense. This strategy aims to reduce reliance on foreign supply chains and bolster national security. Recent executive actions have targeted polysilicon, aluminum, and unmanned aircraft systems.

• Oct 13, 2026, 5:13 AM ETreal36 recordslatest record Oct 13, 2026

  Executive orders impose tariffs and incentivize domestic production of polysilicon, aluminum, and drones to onshore critical supply chains.

  The US government is actively using Section 232 tariffs and domestic production incentives to onshore critical manufacturing capabilities, particularly for materials vital to semiconductors, solar, and defense. This strategy aims to reduce reliance on foreign supply chains and bolster national security. Recent executive actions have targeted polysilicon, aluminum, and unmanned aircraft systems.

• Oct 12, 2026, 5:13 AM ETreal36 recordslatest record Oct 8, 2026

  Executive orders establish new tariff and incentive programs to onshore polysilicon, aluminum, and drone manufacturing.

  The US government is actively implementing a strategy to onshore critical manufacturing capabilities, particularly in semiconductors and related supply chains. This effort is driven by a series of executive actions leveraging Section 232 tariffs and new incentive programs. The focus is on securing domestic production for national security and economic resilience.

• Oct 11, 2026, 5:13 AM ETreal286 recordslatest record Oct 9, 2026

  Executive Orders impose tariffs on polysilicon and drones, driving domestic manufacturing incentives.

  The US government is actively pursuing a strategy to onshore critical manufacturing, particularly in semiconductors and drones, through a combination of tariffs and incentives. This effort, spearheaded by presidential executive orders, aims to reduce reliance on foreign supply chains and bolster national security. The strategy began to formalize in late 2024 with initial requests for information, escalating significantly in 2026 with direct trade actions.

• Oct 10, 2026, 5:13 AM ETreal37 recordslatest record Oct 8, 2026

  Congress and the Executive Branch are rapidly accelerating US tech sanctions on China, with new tariffs and expedited Entity List changes.

  The US government is aggressively moving to decouple its technology supply chains from China, particularly in semiconductors and related manufacturing. This effort is driven by both legislative action, which is gaining bipartisan momentum, and executive orders imposing new tariffs and incentivizing domestic production. The goal is to secure critical supply chains and prevent China's technological dominance.

• Oct 9, 2026, 5:13 AM ETreal281 recordslatest record Oct 8, 2026

  Executive Orders impose tariffs on polysilicon and drones, pushing for domestic manufacturing.

  The US government is actively pursuing onshoring and domestic production, particularly in critical sectors. This initiative is driven by executive actions imposing significant tariffs on key imports like polysilicon and drones, coupled with incentives for US-based manufacturing. The strategy aims to bolster national security and economic resilience by reducing reliance on foreign supply chains.

• Oct 8, 2026, 5:13 AM ETreal269 recordslatest record Oct 6, 2026

  Executive Orders impose tariffs on polysilicon and drones, while Congress considers tariff-funded domestic manufacturing support.

  The US government is actively pursuing policies to onshore critical manufacturing, particularly in polysilicon for semiconductors and solar, and unmanned aircraft systems. This effort is driven by executive actions imposing significant tariffs and incentives for domestic production, alongside legislative proposals to support industries impacted by these trade measures. The sequence of events reveals a concerted push to secure supply chains and boost domestic industrial capacity.

• Oct 7, 2026, 5:16 AM ETreal265 recordslatest record Oct 6, 2026

  Executive Orders impose tariffs on polysilicon and drones, incentivizing domestic production and onshoring.

  The US government is actively implementing protectionist trade policies and incentives to onshore critical manufacturing, particularly in polysilicon for semiconductors and solar, and Unmanned Aircraft Systems (UAS). This strategy is driven by national security concerns and aims to reduce reliance on foreign supply chains. Executive Orders are being used to establish tariffs and direct incentives for domestic production.

• Oct 6, 2026, 5:13 AM ETreal1319 recordslatest record Oct 6, 2026

  US accelerates China tech sanctions via HR8169 and imposes tariffs on polysilicon and drones to boost domestic production.

  The US government is actively pursuing a strategy to onshore critical technology manufacturing, particularly in semiconductors and related components, while simultaneously accelerating measures to restrict China's access to advanced technology. This dual approach is driven by national security concerns and aims to create a more resilient domestic supply chain. Recent legislative and executive actions highlight a concerted effort to achieve these goals.

• Oct 5, 2026, 5:13 AM ETreal42 recordslatest record Oct 2, 2026

  Commerce and DoD launch multiple 'Sources Sought' for advanced semiconductor manufacturing, while new tariffs target polysilicon and drones.

  The US government is actively pursuing a strategy to onshore advanced semiconductor manufacturing and critical supply chains, driven by both national security and economic competitiveness. This effort is characterized by targeted procurement notices from the Department of Defense and NIST, alongside executive actions imposing tariffs and incentivizing domestic production of key materials like polysilicon and components for unmanned systems.