Three quick things to think about today. Chips Markets are reacting to concerns that the U.S. may adopt harsher restrictions on Chinese trade and the semiconductor industry. We have been arguing that semiconductors are firmly entrenched in the national security mindset. The development and production of chips are major concerns at the national security level. While much of the focus has been on high tech and future tech, the concern has been expanding. “Dual Use” chips and technology are increasingly in the crosshairs of the national security community. Technology that may have mundane uses is also showing up in less ... Chips, The Russell 2000 Getting “Ratioed,” and Academy’s Geopolitical Webinar