The UK is an understated player in the global chip market, specializing in the design, intellectual property, research and fabrication of compound semiconductors. Cambridge and Oxford are key hubs for quantum computing, AI chips and semiconductor materials. It is also home to Arm, one of the leading semiconductor chip designers. Based in Cambridge, Arm-licensed chips are used in roughly 95% of the world’s smartphones. However, the UK risk falling short of supporting its homegrown semiconductor industry, especially when compared to the latest push by the US, EU and China. The US have in fact launched the CHIPS and Science Act, a $280B package including $52B to boost domestic semiconductor manufacturing, the EU is looking to invest €43B with the aim of producing 20% of the world’s semiconductors by 2030, and China is responding to increased trade sanctions from the US by preparing to deploy a more than 1 trillion yuan ($147B) package for its chip industry.