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Chips are the sinews and synapses of modern society. They keep our cars on the road and our planes in the sky. They help produce the food and resources our species needs to survive. They animate the brains of the artificial intelligence that is transforming how we live and work. And they serve as the silent sentinels that help the U.S. military and our allies protect our national security.

They are, simply put, the most important technology in the history of humankind, and they have become the world’s most critical resource.

Despite their unparalleled importance, America has allowed its control over semiconductor production to slip away–with more than 80% of chips now manufactured in Asia. Having once pioneered the development of this extraordinary technology, we now find ourselves at the mercy of the most fragile global supply chain in the world.

The COVID-19 pandemic was a wake-up call that laid bare exactly how much of this critical supply chain we had ceded to other countries, and the clear and present danger threatening our national and economic security as a result.

This situation has all the makings of an impending global crisis–and the next 50 years will be defined by the countries and companies that solve it.

As with all great global challenges, this is an opportunity for American leadership.

Our nation’s growth has always been fueled by smart, forward-looking policies. From the Interstate Highway System to the GI Bill, to the National Defense Education Act, the United States has always been most successful when we couple legislation with innovation. And just like those landmark pieces of legislation, the bipartisan CHIPS and Science Act of 2022 is poised to have an enduring impact.

In March 20, the U.S. Department of Commerce announced its largest investment yet in the domestic manufacturing of advanced semiconductors under the CHIPS Act. This funding adds to major investments already being made by companies like Intel to build a robust chip supply chain in the United States. It’s an important first step that will help harness America’s commitment to entrepreneurship, innovation, free markets, world-class education, and its peerless workforce–advantages that make us better positioned than anyone to lead this essential industry.

And lead, we must. Other countries recognize the power and prosperity that comes with being ahead of the curve in this space. That’s why they have been heavily subsidizing their domestic semiconductor industries for decades, with those efforts eroding the U.S. share of global semiconductor manufacturing capacity from 37% in 1990 to just 12% today.

There will always be a global component to the chip industry, but Intel’s moonshot goal is to have at least 50% of the world’s advanced semiconductors produced in the United States and Europe by the end of the decade.

After all, America invented the microchip. As we enter the AI era, which is poised to reshape the world, there’s no reason why this country of thinkers and doers should not lead the world in developing and manufacturing the most advanced chips. The CHIPS Act, combined with Intel’s new and expanding semiconductor foundry sites from the Silicon Desert of Arizona to the Silicon Heartland of Ohio, shows how we can once again do just that.

That’s why, at Intel, we are so grateful for the trust that has been placed in companies like ours by the U.S. government and taxpayers through the CHIPS Act. For us, restoring American leadership in semiconductors is more than a responsibility–it is a calling.

The CHIPS Act is an important milestone but, as Winston Churchill once said, this is not the end and it is not even the beginning of the end. We are still at the end of the beginning of the next era in semiconductor technology. The future can still be ours, so long as we reach out and grasp it.

I am optimistic that the bipartisan effort that enabled the CHIPS Act will continue because a second CHIPS package is sorely needed to accelerate the reinforcement of our technology supply chain, support further investment in research and development, expand STEM education, and develop the workforce of the future.

After all, the United States is blessed with raw talent, a restless drive to innovate, and a fiercely competitive spirit. We need those uniquely American qualities, now more than ever, as the evolution of AI leads us into the future. And with continued leadership from the public and private sectors, we can ensure that more chips are built–and more of the future is written–on American soil.

We cannot afford to fail–because semiconductors will build the world of tomorrow. And in their circuitry lies our destiny.

Pat Gelsinger is the CEO of Intel Corporation.

The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs of Fortune.