German Chancellor Friedrich Merz gives thumbs up as he is seen on a screen during a live feed at the opening ceremony of the Infineon Smart Power Fab in Dresden, eastern Germany, on July 2, 2026. German semiconductor giant Infineon opened a five-billion-euro ($5.7 billion) microchip plant on July 2, at a time Europe seeks to bolster its high-tech autonomy. The "Smart Power Fab" in the eastern city of Dresden, completed three months ahead of schedule, has been hailed as a symbol of an EU push to reduce dependency for crucial parts on Asia and the United States. (Photo by Ronny HARTMANN / AFP via Getty Images)