Foreign semiconductor companies investing billions of dollars in the US now face an uncertain future — just two years after Congress triggered a boom in the sector by passing the Chips and Science Act to rebuild the country’s long-neglected chip manufacturing industry.

The impending return of Donald Trump to the White House has raised concerns that America’s pitch to become the best place in the world for chipmaking, and reduce its dependence on plants in Asia, could soon ring hollow. 

Concerns rose over the future of the programme when the president-elect described the legislation — which includes a historic $39bn subsidy package and tax breaks — as “so bad” in an interview in October. It had won bipartisan support in 2022. Given the pace at which the commerce department has handled applications so far, company executives are wondering how many of the existing proposals will get a green light before the change in leadership in late January.