Intel CEO Bob Swan posts an open letter to President-elect Biden, which calls for increasing U.S. semiconductor manufacturing.

Key quote: "Your planned investment in American-made goods is critical to U.S. innovation and technology leadership. According to the Semiconductor Industry Association, the U.S. accounts for just 12% of global semiconductor production capacity, with more than 80% taking place in Asia. Rising costs and foreign government subsidies to national champions are a significant disadvantage for U.S. semiconductor companies that make substantial capital investments domestically. A national manufacturing strategy, including investment by the U.S. government in the domestic semiconductor industry, is critical to ensure American companies compete on a level playing field and lead the next generation of innovative technology."

Swan also says it's "crucial to expand investments in broadband connectivity, particularly to lessen the impact of COVID on the underserved and in communities of color."

In September, the lobbying group Semiconductor Industry Association released a report saying the U.S. government should invest $50B to build 19 new chip facilities over the next 10 years.