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In the fast-evolving semiconductor landscape, the United States and the European Union have embarked on substantial initiatives to bolster their semiconductor industries. With planned investments of $52.7 billion in the US through the CHIPS & Science Act and €43 billion in the EU with the Chips Act, there is great potential for groundbreaking research, innovative technologies, advanced fabrication, and transformative applications. There is also great potential in trans-Atlantic collaboration. Our high-level conference aims to clarify the goals and challenges of these programmes while also exploring how these ambitious initiatives can complement one another.