Rene Haas

It just compounds.

And that flywheel, once it compounds and it compounds, it compounds, it's very hard to catch up.

So it's a series of issues.

Oh, 100%.

I mean, if you look at what are the most critical components in building chips are these rare earth compounds.

And there's a belief that, oh, China has cornered the market because they have all the access to these rare earth minerals.

The access for the minerals are global.

There's no issue in getting access to materials.

The issue is in the refinement and actually building the factories that can refine the materials.

again that's a decades level of investment and i'll tell you one thing that i when i lived in china for a number of years and one of the things that i was very impressed with when i lived there and still am is the industrial policy that sits inside the central government that will last respectfully an election cycle and it will essentially be something that they require

A lot of the folks who are in the Ministry of Technology to be engineers, to be thinking about a policy on building.

So to your question, should the U.S.

do it?

Absolutely.

I think there probably needs to be more of some of the U.S.

companies working together, and I'll say this because Arm is not a U.S.

company, but I would do the same if I would, working together, pooling capital for some of these initiatives to essentially get some type of grounding.

You need universities, but you need corporations to get behind this as well, as well as financing, private equity, all kinds of different capital, because this is a...

This is a huge capital investment that also requires investment from companies and private equity, but at the same time needs to last for years.

I don't want to take anything away from David.