America’s chip advantage is essential to protecting the American Dream

The Senate Banking Committee convened a hearing June 11 around a question that cuts to the core of American competitiveness and the American Dream: Can the United States ensure that rapid advances in artificial intelligence support "innovation, affordability, and American dominance?"

Those three goals are inseparable, and they all hinge on a single variable: ensuring that the world’s most advanced chips stay in American hands and out of China’s. President Ronald Reagan understood this logic during the Cold War...