US company. R&D is more important than the fabs. TSMC is under threat from China.
Okay, so Taiwan is blockaded or invaded by China. The USA has a 3nm TSMC fab that they can assume control over, and, yes, they have the labor of that fab, great, but what about 2 nm? 1 nm? Etc? Without TSMCs R&D does the US have a cutting edge fab in 10 years? 20 years? Beyond? There is literally no other company in the United States that could even hope to expand their capabilities to be considered on the cutting edge within the next 15 years.
Again, it is a net positive for the US to have TSMC manufacture chips on US soil, so I am not arguing against that point, I simply posit it is not enough from a US national security / technology leadership standpoint.