In recent decades, only a handful of government interventions have been widely regarded as successes. Operation Warp Speed is one of them. So is the CHIPS Act, the $39 billion program that catalyzed a massive investment boom in manufacturing semiconductors on American soil. What can we learn about industrial policy and state capacity from this program? In Factory Settings ( a new series from IFP, the inaugural CHIPS leadership team will explain what went right and what needs fixing. The team chose the name Factory Settings because so much of what CHIPS experienced came down to the defaults — the inherited ways the government is wired to operate. Those defaults often make it harder, not easier, to deliver. Every law, every regulation, every process, every oversight mechanism was built for a reason, but together they’ve created a system that wasn’t built for the challenge of 21st-century governance. It’s time to update the government’s factory settings.