Chip manufacturing is insanely hard, it requires know-how, that's the moat. It's not money, otherwise the EU and China would have leading edge fabs.

There were tens of chip manufacturers in the 80s and 90s. Most of them have been absorbed or went backrupt. Just like SOTA LLM training now. Today, TSMC is a monopoly for SOTA nodes. The only reason Intel can survive is due to geopoltics.