In this edition of The Chip Observer we recap our monthly sister publication, unpacking the complex interplay of geopolitics and semiconductor strategy, with shifting U.S. tariffs and an uncertain future for the CHIPS Act creating turbulence across supply chains. Despite headwinds, companies like **TSMC and Hyundai** are doubling down on U.S. investments to secure market access. With a spotlight on AI's relentless momentum, as Nvidia reveals its GPU roadmap through 2028 and announces massive investments in U.S. manufacturing. Private sector activity is red-hot, with OpenAI landing a record-breaking investment, and major acquisitions from SoftBank and Qualcomm reshaping the AI hardware and edge AI space. Finally, we touch on silicon photonics — from Nvidia’s high-speed optical interconnects to STMicroelectronics’ new Si-Pho platform and Google’s LightBridge, we're seeing the foundation of next-gen data transfer and chip architecture take shape. Whether it's silicon, photons, or policy—change is accelerating. Let’s break it down.