That's true for chips but not necessarily for other high-value manufacturing sectors. Americans are still the world leaders in say metallurgy or nuclear engineering, for example: all the jet turbine blades are still made in America, and most nuclear reactors. Also ASML gets all the hype for EUV lithography, but Applied Materials (based out of Santa Clara, CA) is still a critical part of the supply chain for new semiconductor fabs. And the EV industry started in Fremont CA with Tesla, although they've since lost some of their edge to Chinese and Korean manufacturers.