Hi everyone, this is Lauly. I have just come back to Taipei from a weekend trip to the southern Taiwanese island of Liuqiu, where I went snorkelling among the area’s many sea turtles. It was almost enough to make me forget all the troubles and disruptions happening in the tech industry.

Back to reality. This week the US Senate has finally moved forward on a scaled-back version of the CHIPS Act more than a year after the bill was first introduced. The legislation offers billions of dollars in subsidies and tax credits aimed at bringing chip production onshore to address economic and national security concerns. Voting on its final passage is expected next week.

The text of the latest version of the act has not yet been released, but when it is, the chip industry will scour it for any clause that might limit their investments in China if they receive subsidies from the US.