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Wasteful? What is a better national investment than the semiconductor industry?

Look into the history of TSMC. It became what it is because of direct government investment. I'm sure to some people it seemed like a gamble at the time.

This amount of money is basically trivial on the national level and the upside is tremendous.

With climate change getting more and more severe, I can't imagine a higher risk strategy (for anything) than geographic concentration. Talk about putting all your eggs in one basket.

> Building redundant and competitive production

You do realize these fabs already exist? There is no redundant or competitive production currently.