U.S. Bid to Revive Chip Manufacturing Collides With Wall Street’s Demands

Intel Corp.’s Patrick Gelsinger might be Washington’s favorite chief executive right now. At the groundbreaking for a $20 billion-plus semiconductor-fabrication plant near Columbus, Ohio, on Friday, he was joined by legislators from both parties, Ohio Gov. Mike DeWine, a Republican, and President Biden, a Democrat.

“We’re going to build the most advanced stuff in the world, right here, in Ohio,” Mr. Gelsinger declared. “We put our chips on the table, to help the U.S. regain its manufacturing heart, as well as unquestioned technology leadership.”