Maybe it's not just the wage cap.

There is plenty of semiconductor industry in the US but it's differently specialized and they compete for the same pool of engineers. Nvidia, AMD or Broadcom don't have fabs, but they hire engineers from the same pipeline as fab companies.

It's few years since I was hiring EE majors in the US, but it felt that skilled people with EE master's are harder and harder to find every year. I think USC and CMU are the only ones that produce quantity and quality. MIT, Stanford, and Berkley produce quality but not quantity.