> I am surprised we consider TSMC like a natural resource: isn't it really a combination of know-how and build-out according to that know-how?

Have you seen how many states and countries look enviously at Silicon Valley’s tech companies, China’s manufacturing dominance, or London’s financial sector and try to replicate them?

Turns out it’s way harder than you’d expect.

Hell, Intel can’t match TSMC despite decades of expertise, much greater fame, and regulators happy to change the law and hand out tens of billions in subsidies.

With you on the first two, but I haven't heard of London's financial sector being a big deal, what's going on there?