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I guess they are not able to buy the tooling (think ASML EUV) to make advanced node either. So, they’d also need to throw a shitload of time and money at this.

That's what they've been trying to do, of course, but so far they haven't really succeeded yet.

This is one of those problems that “throwing money at it” doesn’t speed it up. China has been throwing money at the problem for over a decade and they’re still behind.