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I think TSMC over estimates how state sponsored fabs would look like. I can predict now that it will be a disaster and many billions will be funnelled to bureaucrat friends through questionable procurement. If there is going to be a miracle and they actually build a fab, it will be lacking as they will not find specialists willing to work for EU wages and level of taxation.

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I think Intel will do a good job of it. They have no choice if they get this expansion wrong they are done.

My expectations for Europe though, are sadly much lower.

Europe saves on shipping from ASML to any fabs on the continent! That's a competitive advantage!

/s

To some extent it's true, but pretty minimal as ASML sometimes delivers machinery to their East Asian customers by rail to China then does the last bit by sea.

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