Hardware & Electronics

Hardware & Electronics covers the design and manufacture of computing, networking, semiconductor, and electronic hardware — servers, chips, networking gear, components, circuit boards, and devices. The ~$184 billion sized here is U.S. domestic manufacturing; the broader technology-hardware market is far larger, as most assembly is offshore and the highest-value U.S. activity (fabless semiconductor design by NVIDIA, AMD, Qualcomm, and Apple) is design rather than captured manufacturing revenue.

The sector is being reshaped by the AI hardware boom — AI servers, GPUs, and high-speed networking driving explosive demand (NVIDIA's ascent and the AI data-center build-out) — and by semiconductor reshoring, as the CHIPS Act funds a wave of new U.S. fabs (Intel, TSMC Arizona, Samsung, Micron). Supply-chain security and resilience are strategic priorities, and new device frontiers (AR/VR, wearables, IoT, autonomous vehicles) are emerging. U.S. strength is concentrated in design and high-value semiconductors and networking.