I work in the semiconductor industry. Most of the world's chips are manufactured overseas (TSMC, UMC, Samsung, SMIC, eyc). Global Foundries is also a player with mfg in the US and Europe, but their capacity and technology is limited. Intel mainly manufactures their own processors and FPGA (recall that they bought Altera), but they also use TSMC. They are trying to bring a foundry service online (IFS), but this is very challenging and they have not made any silicon for outside customers yet. Time will tell whether the Intel investments from the CHIPS act will improve the situation for us and the rest of the world.
China is the real worry for the global chip industry. They have control over many rare materials that are required by the industry, but the real threat is Taiwan, where TSMC and UMC are. In addition to trying to improve the china situation by bringing some domestic capacity to the US with the CHIPS act, the US has sanctions in place that prevent us and other friendly countries from selling cutting edge technology to Chinese semiconductor companies.
In summary, I think the goals of the CHIPS act are good for the US and the world. But it's implementation needs careful consideration and recipients of our tax dollars need to be held accountable for the investment or our tax dollars.