I agree American manufacturing must improve. Clyde mentioned Intel in his post, It appears to have trapped itself (see article below).
Because of its innovation weakness as result of its trapped position, it has bought up smaller and more nimble companies (one of them was a company a high school classmate was working in. He has over 50 patents (on own and with colleagues).
Intel can’t even grow profits during a global chip shortage – where did it all go wrong?
IntelL also financialized
How Intel Financialized and Lost Leadership in Semiconductor Fabrication
In my view, US needs to help SMEs more. The publ;ic companies spend too much in stock buybacks and do not invest in company enough. Te executives have become self-interested, so much so John Bogle has criticized this "mangerial capitalism". Some years ago I listent ot a garnet presentation by now disceased Clayton Chjristianson of HBS. He also criticed the influence of finance on companies.
Mor recently I read an interesting series of articles about a cluster in New Hampshire -which discussed how financialization has also damaged SMEs.
An article
Rising Asset Bubbles Distort the Industrial Base
Lessons from MPB in Keene, N.H., 1987 to 2003
I think the CHIPS Act's ROI may be less than hope for unless financialization is banned!