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In this world, obviously, we would be complaining about the government subsidising unprofitable chip factories with billions of tax credits. Since we wouldn't have a chip supply crisis, we wouldn't know what its like to have one :D

Unless they put the fab in Texas and it went offline with all the other fabs in the power outages? Or went bankrupt, like the previous "let's onshore an important piece of high tech" plan, Solyndra?

If it was started 5-10 years ago, would it have survived the change of administrations?

I would take a chip shortage over subsidizing them.