Thank you, Tom. Good morning! This is a big day – a big day for the United States and a big day for New Hampshire. I’m so pleased we’re joined by Senator Shaheen, who played a huge role in making sure that this bill happened and that the Commerce Department received the funding. And Senator Hassan, also such a staunch advocate for the people of New Hampshire.

Thank you to Assistant Secretary of Defense Dr. Laura Taylor-Kale for being here. It’s important that we have representation from the DOD today, because fundamentally, that’s what the CHIPS Act is all about.

Now, let’s talk about why we’re here today.

America invented semiconductors. We used to lead the world in manufacturing them. Today, they are integral to our daily lives. The car you drove here today? It needs chips to run. The phone you’re using to take photos? Chips. The smartwatch on your wrist? You guessed it –chips. And the F-35s that land on our aircraft carriers? Chips, chips, and more chips.

Producing those chips at home is fundamental to our national and economic security. But over the years, our leadership declined and the U.S. became overly reliant on southeast Asian markets for these critical technologies. When the pandemic hit, it put a spotlight on the severity of this vulnerability. We learned the hard way that America isn’t building enough chips at home to meet the demand we urgently need to fill. And so shortly after taking office, President Biden took action, and he tasked me with getting this program over the finish line.

That’s why a little more than a year ago, he signed the CHIPS and Science Act into law. This is a historic, once-in-a-generation $50 billion investment to bolster our national security and secure our position as the global leader on technology and innovation for decades to come.

In record time, we assembled an incredible team – nearly 200 people representing the best and brightest investors, industry analysts, and engineers in America, with decades of experience across industry and government and a track record of running big projects. They’ve built a program from whole cloth that is the new gold standard across government.

And today we’re kicking off the next phase of CHIPS for America. We’re thrilled to announce that we are entering into a preliminary memorandum of terms with BAE Systems to provide up to $35 million in federal incentives to support the modernization of their Microelectronics Center right here in Nashua. Crucially, the project will replace aging tools and quadruple the production of the chips necessary for critical defense programs including the F-35 fighter jet.

I am excited to be here for our first CHIPS announcement, which highlights how central semiconductors are to our national defense. New Hampshire is home to the oldest continuously operating public shipyard in the nation – Granite Staters know a thing or two about safeguarding our national security. This is an investment in New Hampshire’s expanding defense industrial base that will help make our country and supply chains more secure.

This is President Biden’s Investing in America agenda at work; it’s government at its best; and it’s just the beginning. We’re looking forward to making more announcements just like this one in the coming months.

So, thank you all for being here. Today, we’re sending a clear signal to the world that we are serious about bolstering our national security, rebuilding America’s manufacturing industry, and leading the world in technology and innovation.