Rene Haas

TSMC now has the best fabs in the world.

The leading edge companies, Apple, Nvidia, AMD, they all build at TSMC.

TSMC gets better at what they're building.

An Intel, a Samsung, they don't get the opportunities.

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.