The Advantages of TSMC

TSMC also started with Taiwanese government support. Even today they have very favorable tax regime in particular where their depreciation can be written off or like, like, particularly in buying new equipment. There's other stuff like the currency advantage that as long as the US is the reserve currency is always going to be the case. Taiwan may manipulate their currency, which definitely helps TSMC. And so there are real advantages that that they're getting. But it's key to note that if TSMC at this point had zero advantages, zero tax advantages, zero currency advantages, zero subsidies, whatever it might be, they would still be in the dominant position because of all the other factors that we're talking about