The US Government did precisely that with the CHIPS Act (2021). It allocated something like $40B for US manufacturing of semiconductors and $10B for R&D [1]. Intel is planning a megafab in Ohio that is estimated will cost $100B when it’s completed. The State of Ohio is giving $2B for the first two plants that are estimated to cost $20B [2].

Chip companies are making new fabs in the US and the US gov is helping to sponsor them.

[1] https://www.nist.gov/semiconductors/chips-act

[2] https://www.usatoday.com/story/business/2022/04/14/intel-neg...