85 Q UA RT E R _ 0 2 _ 2 0 2 6 EXHIBIT 2 FDI in semiconductors reconfigured sharply toward the United States. Semiconductors: top 25 corridors by announced greenfield FDI, 1 2022–25, $ billion Top 25 corridors account for Advanced Size of bubble = FDI inflows, $ 89% of total FDI in sector Economies Emerging Width = corridor size, $ Mainland China Direction = Investor Investee The US received the most Europe was the destination Mainland China annual inflows announced investment, for under 15% of all have fallen by about 80% with 90% from South announced investment versus the 2015–19 period India Japan Singapore Ireland Germany Italy Malaysia US India and Southeast Asia received increasing announced investment, targeting nonleading-edge nodes Taiwan (China) was the source of over half of all announced investment by value Korea and Taiwan (China) Mainland China Saudi Arabia UAE Switzerland Czech Republic Israel South Korea Vietnam Taiwan (China) Note: Adjusted for inflation based on World Bank US CPI, indexed at 2024. 1. Foreign direct investment. Source: Using data provided by fDi Markets; McKinsey Global Institute analysis