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(Tech stock columnist Jon D. Markman publishes Strategic Advantage, a lively, lucrative guide to investing in the digital transformation of business and society. Click here for a free trial.)

Intel (INTC) reported second quarter earnings Thursday after the market close. They were terrible yet longer-term investors should still buy shares into any weakness.

The story at Intel for the last decade has been one of missed opportunities. Previous managers missed mobile computing and production failures let key customers move on to other ventures.

However, a new opportunity is on the horizon and Intel is destined to win.

The semiconductor industry is changing. Some of this is the result of previous failings at Intel. The company famously wasted $10 billion trying to win mobile computing market share. After admitting defeat Intel pivoted to 5G modems, then lost that race to Qualcomm (QCOM).

Yet the global semiconductor business is not only about being first or even best.

Pat Gelsinger, Intel’s new chief executive officer is positioning the icon American company as a safe haven in a global supply chain now dominated by Taiwan, China and South Korea. Given the geopolitics of the South China sea and escalating hostilities safe is starting to look quite attractive.

The New York Times reported in June that the Senate passed the $250 billion U.S. Innovation and Competition Act. The legislation is directly aimed at bringing more semiconductor production stateside. Lawmakers are fearful China has too much control over supply.

This money might as well be labeled the Intel rehabilitation fund.

Gelsinger has already committed $20 billion to build new facilities in the United States but taxpayers are likely to foot a good part of that bill through subsidies and incentives. And that is only the beginning. Politicos are about to revitalize profits at Intel.

Longer-term investors should use weakness in shares to accumulate positions.