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The Politics of TSMC
TSMC was founded in 1987 by Morris Chang, who at the time had been a tech executive at Texas Instruments for almost three decades. The company has grown up alongside a new set of semiconductor design firms that previously didn't exist because there weren't companies like TSMC that manufactured chips. They've never had to build their own manufacturing facilities because TSMC handles all the cost and understands all the manufacturing technology so they don't have to worry about it. And that's been a very effective business model both for TSMC but also for US chip design firms that have always been TSMC's largest customers.