Great read, thank you.

Isn’t the big difference between TSMC and the auto manufacturers that are moving into batteries the business model innovation? As you rightly point out Fabless transformed the semi market. The same may or may not be true of batteries. Comparing the two, like TSMC, the dedicated battery makers and national champions seem to have an advantage. Particularly around technology leadership. However, I’m not sure the battery market will work the same way, there maybe a different point of business model innovation we haven’t seen yet that makes the difference.

The semi market is also notable for the way the SPE manufacturers work together with TSMC to create a system which is more than the sum of its parts. Could TSMC be TSMC without Tokyo Electron, ASML etc? The point you make about raw materials, technical leadership, and energy needing to come together is an important one too in this regard. E.g. TSMC is increasingly constrained by water and energy in Taiwan. As you point out, North America has some advantages here. Australia could too if we weren’t so fixated on fossil fuels.

It will fascinating to see how it plays out, thank you for the thoughtful contribution.