Last year was a tumultuous one for the U.S. semiconductor industry.   From leadership changes at legacy companies to continuously changing dialogue around AI chip export controls, a lot has happened. If the first few weeks of 2026, which saw new chip tariffs and international semiconductor deals , are any indicator — this year will be as unexpected as the last.   But before we get too deep into 2026, here is a final look at everything that happened in the U.S. semiconductor industry in 2025: