00:00:00
the slumbering giant that is America has
00:00:03
finally awakened chips is now at the
00:00:06
very heart of U.S China tensions
00:00:08
technological leadership has been the
00:00:10
source of U.S strength since World War
00:00:12
II we shouldn't be dependent on any one
00:00:15
port any one country any one Island an
00:00:18
economic competition that is manageable
00:00:20
could turn into something bigger and
00:00:23
hotter and unmanageable
00:00:26
[Music]
00:00:29
um
00:00:36
American manufacturing the backbone of
00:00:39
our economy began to get hollowed out
00:00:41
companies move jobs overseas today we're
00:00:44
down to producing only around 10 percent
00:00:46
of the world's chips despite leading the
00:00:49
world in research and design of new chip
00:00:51
Technologies
00:00:52
but folks where is it written where is
00:00:55
it written that America can't lead the
00:00:57
world once again in manufacturing it's
00:00:59
hard to think of a component in any
00:01:02
product really that's more ubiquitous
00:01:04
and more essential than the
00:01:05
semiconductor today almost any device
00:01:06
with an on off switch has one or often
00:01:09
dozens or hundreds of semiconductors
00:01:11
inside they power our cars airplanes
00:01:14
trains Communications rely on them
00:01:16
factories ordinary businesses and
00:01:19
finance and Banks money moves thanks to
00:01:21
these chips U.S no longer manufactures
00:01:24
the most Innovative chips seven
00:01:26
nanometers or below Taiwan manufactures
00:01:28
92 percent of those chips eight percent
00:01:31
of those chips were manufactured in
00:01:33
South Korea and none are manufactured in
00:01:37
in the U.S we just want more of the new
00:01:39
manufacturing that's coming online to
00:01:42
happen in the U.S there was a sense that
00:01:44
globalization is inevitable we should
00:01:46
offshore these jobs no big deal if the
00:01:48
Rust Belt is hollowed out
00:01:50
that decision is is one of the reasons
00:01:54
that the U.S elected Donald Trump and
00:01:56
that is why Joe Biden is pushing
00:01:58
industrial strategy and that is why we
00:02:00
are at a pendulum shift in the political
00:02:03
economy not just in the U.S but in many
00:02:05
developed countries when people think
00:02:07
about industrial policy it has been a
00:02:09
bit of a dirty word in the U.S politic
00:02:12
and hey free market should Reign this is
00:02:14
not like any other industry this is so
00:02:18
critical for the future and I think
00:02:20
that's why you know it really deserves
00:02:21
somewhat unique attention from an
00:02:23
industrial policy perspective
00:02:26
the Congress
00:02:28
privilege and
00:02:30
it's to present to you the president of
00:02:32
the United States we're going to make
00:02:33
sure the supply chain for America begins
00:02:37
in America that's why
00:02:40
that's why we came together to pass the
00:02:42
bipartisan chips and science Act
00:02:45
this is really the crowning Jewel in in
00:02:50
the Biden policy Crown so what's behind
00:02:53
the chips Act is an attempt to protect
00:02:55
the economic security of the US far into
00:02:59
the future the whole chips Act is 52.7
00:03:02
billion dollars 39 billion is for Grants
00:03:06
there's also an investment tax credit on
00:03:09
top of this which gives a 25 tax credit
00:03:12
off of any Fab that's constructed or or
00:03:15
improved upon the focus of the chips Act
00:03:17
is on producing the chips that the U.S
00:03:20
needs for its National Security
00:03:21
requirements Department of Defense the
00:03:23
intelligence agencies and the associated
00:03:25
companies are going to build products
00:03:27
for them as the U.S looks to become a a
00:03:30
real leader in global chip making again
00:03:32
it's looking at creating centers across
00:03:36
the country where it can build up on on
00:03:39
the skills both of the people and and of
00:03:43
the local suppliers that can that are
00:03:45
needed around these large chip Fabs
00:03:48
these are fabrication plots these are
00:03:50
the big factories and they produce the
00:03:53
Wafers like large discs of silicon
00:03:57
on which chips are printed and then cut
00:03:59
so this is really at the heart of all
00:04:01
chip making and these plants cost tens
00:04:05
of billions of dollars you have some of
00:04:07
the largest industrial projects that
00:04:10
have ever been undertaken and they're
00:04:12
building the smallest things that have
00:04:14
ever been built on Earth and if we get
00:04:16
there we have good transistors and a
00:04:18
good cost structure we're going to win
00:04:20
Foundry customers and Manufacturing will
00:04:22
shift back to the US today the Rust Belt
00:04:26
ends today the Silicon Heartland begins
00:04:31
[Music]
00:04:36
is one of five U.S Workforce hubs
00:04:39
focused on manufacturing jobs
00:04:41
[Music]
00:04:43
it is really an exciting day to be here
00:04:45
and this Builds on 40 years that Intel
00:04:49
has been in Arizona
00:04:51
we put our chips on the table right with
00:04:54
this investment now we're going to put
00:04:56
our shovels in the ground and get this
00:04:58
thing underway and we are excited for
00:05:00
the opportunity to expand and now have
00:05:03
over 50 billion dollars of invested
00:05:06
capital in the state of Arizona Arizona
00:05:08
has been a center of semiconductor
00:05:11
Manufacturing in the U.S for several
00:05:13
decades but in the past couple of years
00:05:15
it's seen major new Investments both
00:05:17
from Intel and from tsmc both of which
00:05:21
are building brand new Cutting Edge chip
00:05:24
making facilities
00:05:26
Advanced manufacturing has been an
00:05:28
incredible industry for Arizona and part
00:05:30
of the reason I'm so focused in on it as
00:05:32
mayor is I feel that it'll develop a
00:05:34
healthier economy more diverse and that
00:05:36
so much of the future of the world's
00:05:38
technologies will need chips which are
00:05:40
going to be made here in Phoenix the
00:05:42
chips Act is going to change Phoenix
00:05:44
forever
00:05:45
we have seen unemployment rates change
00:05:48
and we're also working on the workforce
00:05:50
side and we were recently selected by
00:05:51
the White House as one of five Workforce
00:05:54
hubs
00:05:55
I'm very focused on trying to create a
00:05:57
knowledge-based economy with high-wage
00:05:59
jobs that's why I'm betting on the
00:06:00
semiconductor industry Arizona State
00:06:03
University has been a key partner in our
00:06:06
semiconductor expansion
00:06:08
the rate at which the technology is
00:06:10
moving that is the smallness of the
00:06:12
features right you hear about three
00:06:14
nanometers you hear about two nanometer
00:06:15
this is coming okay and those are really
00:06:18
pushing the boundaries of what physics
00:06:20
will allow well how do we solve that
00:06:22
problem that gets an engineering student
00:06:23
excited engineering and these students
00:06:25
they want to solve problems
00:06:28
foreign
00:06:30
[Applause]
00:06:36
I was really interested into working in
00:06:40
semiconductor industry I chose Material
00:06:42
Science because Material Science is
00:06:45
something that people in the industry
00:06:46
are looking for I'm interested to be an
00:06:49
inventor and making technology in a
00:06:50
specific area inventing new materials to
00:06:53
like improve the chips trying to make an
00:06:55
impact on our society
00:06:59
now I feel like I'm getting very close
00:07:01
to that dream so this is our clean room
00:07:04
and we have a lot of tools but you could
00:07:08
notice one of the things you would start
00:07:10
noticing right away
00:07:11
this area is wide that area is yellow
00:07:15
and again coming back to like when you
00:07:17
do the any sort of lithography work when
00:07:19
you're exposing like a film and you're
00:07:20
developing it you want to have like no
00:07:23
UV light
00:07:25
the U.S doesn't have all the talent to
00:07:28
staff these Fabs you're going to need
00:07:31
about 27
00:07:33
000 people with fairly High technical
00:07:36
skills over the next five to ten years
00:07:38
because we're going to need thousands of
00:07:40
people from outside the U.S with the
00:07:43
right skills which means we're going to
00:07:45
have to facilitate the immigration of
00:07:47
these people U.S like has like such a
00:07:50
environment where you can succeed if you
00:07:52
want to if you really strive for
00:07:54
something you can achieve it and that's
00:07:55
what attracts me in U.S I didn't feel
00:07:58
the same way back in my country Talent
00:08:00
is a big challenge we need to overcome
00:08:02
there's then there's two sides of it one
00:08:05
we need to work harder on stem education
00:08:08
that's one side of the coin and that's
00:08:10
going to fix the medium and and long
00:08:12
term the short term we need to have some
00:08:15
modifications to our immigration policy
00:08:18
which is very very broken for high
00:08:20
skilled immigration if you look at the
00:08:23
founding of Silicon Valley there were uh
00:08:25
workers from Europe from Korea from
00:08:29
Egypt for example in the founding of
00:08:31
some of the earliest companies in
00:08:32
Silicon Valley it's an area of concern
00:08:34
it's an area of priority and the chips
00:08:37
act and funding some of that skills
00:08:39
development but at the same time I look
00:08:41
at this and the response that we've
00:08:43
gotten for instance from University
00:08:44
system in the U.S you know at the
00:08:47
community college level at the
00:08:49
University level you know the top tier
00:08:51
schools has been phenomenal
00:08:54
[Music]
00:08:59
Intel is one of the most underrated
00:09:01
stories in the tech industry and that's
00:09:03
a big thing to say given how prominent
00:09:06
it's been and everybody knows the brand
00:09:07
but what I don't think people appreciate
00:09:10
is that for about half a century this
00:09:13
company was the complete leader in an
00:09:15
entire industry it invented integrated
00:09:18
circuits which are the what we think of
00:09:20
as microprocessors as chips and it
00:09:22
basically LED that industry in
00:09:24
manufacturing for a half a century and
00:09:28
what that meant was that with each new
00:09:30
generation of chips it designed it also
00:09:33
developed the manufacturing processes to
00:09:36
build them and it was developing things
00:09:39
that were smaller and faster than
00:09:41
anybody else could design and it was it
00:09:43
was typically two to three years or even
00:09:46
more ahead of the entire Global chip
00:09:49
industry but what's happened more
00:09:51
recently is a different story in the
00:09:53
last five to eight years Intel lost its
00:09:56
Edge it lost its ability T to just keep
00:09:59
staying one step ahead of the rivals if
00:10:01
you like and other companies caught up
00:10:04
the plan that I've laid out for Intel
00:10:06
says that we'll invest about 30 billion
00:10:09
in capital per year for five years
00:10:12
150 billion dollars these are
00:10:15
extraordinary Investments and when you
00:10:17
go look at those of you know tsmc or
00:10:19
Samsung you know they're similar we've
00:10:21
been declining for 30 years can we start
00:10:24
inclining for the next 30 Years
00:10:29
foreign
00:10:29
[Music]
00:10:31
here is a world where material is grown
00:10:33
into crystals with controlled impurities
00:10:36
with intolerances which are molecular
00:10:38
even atomic
00:10:40
the objective semiconductors transistors
00:10:43
and diodes needed by the millions so at
00:10:46
the very beginning of the chip age
00:10:48
Gordon Moore who was one of the founders
00:10:50
of intel was looking for a way to
00:10:52
explain to people how chips were going
00:10:55
to be in everything how Electronics the
00:10:57
whole world of electronics was about to
00:10:58
go through a revolution that nobody
00:11:00
could quite understand in 1965 Gordon
00:11:03
Moore set out in a paper what became
00:11:06
known as Moore's Law the idea behind it
00:11:08
was that the number of transistors per
00:11:10
chip would double every year or two and
00:11:13
that was just a prediction it's not a
00:11:15
law of nature but it's proven correct
00:11:17
for over half a century the basic goal
00:11:20
whatever the product
00:11:22
make it smaller more reliable more
00:11:26
economical extend its function if you go
00:11:29
to the store and buy a new smartphone
00:11:30
just the primary semiconductor on the
00:11:32
phone will have 10 or 20 billion tiny
00:11:35
transistors carved into the silicon and
00:11:37
each one of those transistors is so
00:11:39
small it's roughly the size of a
00:11:41
coronavirus and there's no device that
00:11:43
we've produced at such vast scale using
00:11:46
such microscopic components
00:11:50
now as transistors get smaller and
00:11:53
smaller it's getting harder than ever
00:11:54
before to shrink them further major
00:11:56
companies like Intel or tsmc they've
00:11:59
outlined very clear Pathways to keep
00:12:01
Moore's Law alive for years to come till
00:12:04
the periodic table is exhausted Moore's
00:12:08
Law isn't finished right we're just
00:12:10
gonna you know keep bending the edge of
00:12:13
science to find you know how to keep
00:12:15
these advancements underway for the
00:12:17
future of AI for the future of all sorts
00:12:19
of technological advances it's
00:12:21
absolutely critical that we keep this
00:12:22
rate of innovation happening as rapidly
00:12:24
as possible for many years into the
00:12:26
future trips have been at the center of
00:12:28
electronics and Computing from the very
00:12:30
beginning and it's been very easy to
00:12:32
ignore them they're just there we take
00:12:34
them for granted but all that's changed
00:12:36
we've all discovered during the pandemic
00:12:39
that an interruption of Chip supplies
00:12:41
can affect everything can affect all
00:12:44
manufacturing Industries so suddenly the
00:12:46
chip world is being turned on its head
00:12:47
and Intel in the all-purpose chip world
00:12:50
is really trying to rethink it's wrong
00:12:53
six million Vehicles were taken out of
00:12:55
production plans in 2021 due to the
00:12:58
semiconductor shortage
00:13:00
over the course of 2021 and 2022 car
00:13:03
companies globally saw several hundred
00:13:06
billion dollars in Lost sales because
00:13:08
they couldn't get the chips they needed
00:13:10
to finish their cars car lines shut down
00:13:13
just because there weren't enough chips
00:13:14
available car makers cut their purchases
00:13:17
of chips thinking they would sell fewer
00:13:19
cars and so all the chip makers instead
00:13:23
sold to PC companies and then suddenly
00:13:25
there was a whiplash how do we de-risk
00:13:28
how do we make sure that we have
00:13:29
multiple suppliers so that we aren't
00:13:31
reliant on a single supplier and how do
00:13:34
we make sure there's enough capacity in
00:13:36
the supply chain today 90 of the world's
00:13:39
most advanced processors the types of
00:13:41
chips in your smartphone or PC or in
00:13:43
data centers and telecoms
00:13:45
infrastructures can only be produced by
00:13:47
tsmc which has all of its most advanced
00:13:50
production in Taiwan in 1990 we
00:13:53
manufactured 37 of semiconductors here
00:13:56
on U.S Shores now we manufacture 12
00:13:59
percent and falling over concentration
00:14:02
in manufacturing in East Asia is neither
00:14:04
good for our national security or
00:14:06
Economic Security
00:14:11
tsmc the global leader at the moment
00:14:13
basically focuses on most of its
00:14:16
manufacturing close to its home and
00:14:18
operates
00:14:19
absolutely massive plants with huge
00:14:21
output when the company was founded in
00:14:24
1987 it had a really unique business
00:14:27
model it would only manufacture ships
00:14:29
not design any in-house and that
00:14:32
business model let it serve a wide
00:14:34
variety of customers companies like
00:14:36
apple or Nvidia and as a result it's
00:14:39
grown far larger than any other chip
00:14:41
maker of its kind and because of its
00:14:43
scale it's been able to drive down costs
00:14:46
but also hone its technology because for
00:14:49
every silicon wafer it produces it
00:14:51
gathers data hones its production
00:14:53
processes and so it's not a coincidence
00:14:55
that tsmc is both the world's largest
00:14:57
ship maker it's also the world's
00:14:59
Advanced chip maker should we have 92
00:15:02
percent of all semiconductors in Taiwan
00:15:04
maybe not such a good idea that's an
00:15:06
incredible vulnerability and it really
00:15:08
makes you stop and think how did we get
00:15:10
to a place where countries and companies
00:15:13
thought that this was okay you know I
00:15:15
think a lot about what would happen in
00:15:18
this country around the world if there
00:15:20
were to be a blockade of Taiwan if there
00:15:23
were to be a hot war in the South China
00:15:25
Seas the only near-term comparison we
00:15:28
have to something like this is the war
00:15:29
in Ukraine that created a global market
00:15:32
event we had inflation you know we had
00:15:35
huge Corrections we had you know both in
00:15:38
companies and countries an interruption
00:15:40
of the supply chains not just in ships
00:15:42
but in everything through the South
00:15:43
China Seas would be a thousand times
00:15:46
that this is a bad day for president XI
00:15:50
and the Chinese Communist Party
00:15:54
the slumbering giant that is America has
00:15:56
finally awakened to the challenge that
00:15:59
we Face from
00:16:00
the People's Republic of China their
00:16:03
aggressive posture in the region
00:16:06
and the potential they would have of
00:16:08
cutting off our access to Advanced
00:16:11
semiconductors
00:16:14
predictable Chinese drills around Taiwan
00:16:17
this morning simulating sealing off this
00:16:20
self-governed island Taiwan says dozens
00:16:23
of Chinese warplanes once again crossed
00:16:25
the very sensitive de facto Maritime
00:16:28
border of the Taiwan Strait over the
00:16:30
past decade Chinese military power in
00:16:32
the Taiwan Straits has grown
00:16:34
dramatically as China's ramped up its
00:16:37
military spending and focused almost all
00:16:38
of its military efforts on threatening
00:16:41
Taiwan
00:16:45
foreign
00:17:06
[Music]
00:17:08
imagine what would happen today if
00:17:11
instead of an oil embargo like we had in
00:17:13
the 1970s there was a chip embargo if
00:17:16
the economy collapses and if there are
00:17:19
large interruptions in in everyday life
00:17:22
and the functioning of society you could
00:17:24
essentially expect production lines
00:17:26
across the world to just start the
00:17:28
global Paradigm is changing and that
00:17:31
creates bumps and that can create
00:17:33
conflict and there is a real risk at
00:17:36
this moment that an economic competition
00:17:38
that is manageable could turn into
00:17:40
something bigger and hotter and
00:17:43
unmanageable and that really does worry
00:17:45
me what if China in some way got control
00:17:48
of Taiwan it doesn't have to be an
00:17:50
invasion but a much lower budget
00:17:52
approach would be to make sure that the
00:17:55
right folks won the next Taiwanese
00:17:57
election and what happens if the
00:17:59
Taiwanese government says to the U.S
00:18:01
thanks a lot you can go now conflict
00:18:04
need not be military conflict and that's
00:18:05
a point it gets lost we have a chance to
00:18:10
manage that conflict using things like
00:18:12
export controls using things like
00:18:13
industrial policy but conflict is
00:18:16
inevitable and that's where the
00:18:18
semiconductor
00:18:19
industry and the chips act come in in
00:18:22
the tension that's emerged between the
00:18:24
U.S and China the Computing industry in
00:18:27
the tech industry is at the heart of
00:18:29
future Global competitiveness and
00:18:31
National Security and in that Tech
00:18:35
rivalry that's emerged chips are right
00:18:37
at the center the U.S has realized that
00:18:40
it's China's lack of a real skill in
00:18:45
making Advanced chips that is the only
00:18:47
thing that's holding it back from
00:18:49
becoming an advanced technology power
00:18:52
and so the US is actively acting to stop
00:18:56
China gaining that chip technology it's
00:18:58
not in our interest
00:18:59
to provide technology to China that
00:19:02
could be used against us
00:19:03
and at a time when it's engaged in a
00:19:06
buildup of its nuclear weapons program
00:19:08
in a very opaque way
00:19:15
today China is a relatively minor player
00:19:19
in the chip industry China spends as
00:19:22
much money each year importing
00:19:23
semiconductors and suspends importing
00:19:26
oil and China has to buy all these
00:19:28
semiconductors from abroad because it's
00:19:30
domestic capabilities at The Cutting
00:19:32
Edge are quite Limited in addition to
00:19:34
the 25 to 30 percent it consumes you
00:19:37
know it has another 25 to 30 percent of
00:19:39
world supply chain goes through China so
00:19:43
it plays a critical role in the supply
00:19:45
chain as well in 2014 Chinese president
00:19:48
Xi Jinping identified semiconductors as
00:19:50
a core technology that China should
00:19:52
produce domestically and since that
00:19:55
point china has poured tens of billions
00:19:57
of dollars a year roughly one ships act
00:20:00
a year into subsidizing its own domestic
00:20:03
production
00:20:09
foreign
00:20:15
industry has become like a symbol of
00:20:18
whether China can build its own
00:20:20
self-reliance technology industry at the
00:20:24
center of the government-led investment
00:20:26
it's the national integrated circuits
00:20:30
fund known as the big fund so big funds
00:20:33
have been raising
00:20:35
340 billion Renminbi which is 47 billion
00:20:39
dollar since 2014 and so far with lots
00:20:43
of fruits from such a big investment so
00:20:47
Beijing have to basically rethink
00:20:50
whether this is such an approach it's
00:20:53
useful in aggregate Chinese chip
00:20:55
industry still lags behind
00:20:56
technologically despite all these
00:20:58
generous subsidies and when you look
00:21:01
across the supply chain China is years
00:21:03
behind The Cutting Edge in Taiwan Korea
00:21:06
or other countries the big shift that
00:21:08
we're seeing is more of a bifurcation
00:21:10
between the China Focus chip industry
00:21:13
and the chip industry selling to the
00:21:15
rest of the world it's not just the
00:21:18
basic science that has to be groked but
00:21:20
there's a lot of tests nowatives if you
00:21:22
wish shop floor knowledge into how to
00:21:25
make it work that's very hard to
00:21:26
replicate tsmc has a tremendous amount
00:21:30
of shop floor knowledge that tacit
00:21:32
knowledge of their workers of how to
00:21:35
make those processes actually run and
00:21:37
produce high yields
00:21:39
the U.S is considering tightening curbs
00:21:42
on the export of chips to China Advanced
00:21:46
semiconductors a key development and
00:21:48
National Security priority in China
00:22:10
um
00:22:59
foreign
00:24:02
foreign
00:24:49
and we see competition not conflict
00:24:52
investing in our alliances
00:24:55
and working with our allies to protect
00:24:57
Advanced Technologies so they will not
00:24:59
be used against us
00:25:05
[Music]
00:25:08
the chip world is now moving into
00:25:10
specialized chips for specialized
00:25:13
purposes in AI that means gpus a
00:25:17
different type of Chip that was
00:25:19
originally designed for gaming but has
00:25:21
now been repurposed for AI
00:25:24
and we've seen Nvidia which is really
00:25:27
leads the world in gpus
00:25:29
become the world's most valuable chip
00:25:31
company and indeed hit a trillion dollar
00:25:33
valuation just on the strength of these
00:25:36
single purpose chips that work well in
00:25:39
AI it used to be that emerging
00:25:41
Technologies especially in the United
00:25:42
States came out of the Department of
00:25:45
Defense think of it Satellite Systems in
00:25:47
general semiconductors themselves but
00:25:50
also things like radar sonar GPS that
00:25:54
now we can't live without but because
00:25:56
they came out of the National Security
00:25:58
Enterprise of the government
00:26:00
you had a chance for them to diffuse
00:26:02
slowly into civilian life and the US
00:26:05
government could manage whatever risk
00:26:07
they had of their adversaries using the
00:26:09
same technology today there are a bunch
00:26:12
of Technologies Artificial Intelligence
00:26:14
being just one of them where the lead of
00:26:16
this is actually happening in the
00:26:18
private sector and the US government is
00:26:20
trying to catch up and as the government
00:26:22
appreciates what the National Security
00:26:25
implications of these Technologies are
00:26:28
how does it now try to put rabbits back
00:26:31
in the box or manage the risks that
00:26:33
these technologies have to the National
00:26:35
Security competing with China requires
00:26:39
everyone on the field operating as a
00:26:42
whole of government and working in a
00:26:44
bipartisan way with Congress it requires
00:26:46
the use of the full extent of our
00:26:48
economic diplomatic and Military Tools
00:26:51
in 2022 the U.S imposed new restrictions
00:26:54
on the transfer of certain ships used to
00:26:57
train artificial intelligence systems to
00:26:59
China today almost all of the world's
00:27:01
Advanced AI chips are designed by U.S
00:27:03
firms and manufactured in Taiwan and
00:27:06
data centers in China that were training
00:27:08
AI systems were using these ships as
00:27:10
well and the US wants to limit China's
00:27:13
access to these high-end ships with the
00:27:15
aim of constraining China's ability to
00:27:17
deploy AI systems for defense and
00:27:20
intelligence use cases technological
00:27:23
leadership has been the source of U.S
00:27:24
strength since World War II and that was
00:27:27
when the US discovered that if you have
00:27:29
the most advanced technology you could
00:27:32
make your own security you could achieve
00:27:35
leadership in the world and a lot of
00:27:38
what's happened since then has been an
00:27:40
effort to keep America's technological
00:27:43
Supremacy the U.S and China have been
00:27:46
doing a supply chain dance for a couple
00:27:49
of decades maybe four decades now
00:27:51
sometimes it's gone well other times
00:27:53
it's been more dysfunctional and I think
00:27:57
we're really kind of nearing a zero day
00:27:59
where we begin to understand okay we
00:28:02
can't have the status quo anymore and
00:28:04
what are Supply chains globally going to
00:28:06
look like
00:28:07
foreign
00:28:11
[Music]
