AI boom tests GOP’s midterm affordability pitch as price pain spreads

This material may not be published, broadcast, rewritten, or redistributed. ©2026 FOX News Network, LLC. All rights reserved. Quotes displayed in real-time or delayed by at least 15 minutes. Market data provided by Factset. Powered and implemented by FactSet Digital Solutions. Legal Statement. Mutual Fund and ETF data provided by LSEG. Former House Financial Services chair says global demand for chips is fueling inflation across consumer products and warns Washington must act to boost domestic supply. Republicans are warning that their ability to deliver on lowering everyday costs, one of their core campaign promises heading into the 2026 midterms, is being tested by an AI-driven chip shortage that has spilled into consumer markets. "When you have a big race like we have with AI, there are secondary effects that we need to be very concerned about," former Rep. Patrick McHenry, who served as House Financial Services Committee chairman, told Fox News Digital, adding, "It is hurting Republicans." Tech industry reports have for months been raising alarm over a global chip shortage. In January, a report predicted that this year, 70% of the high-end memory chips produced would go toward