Thread by @dnystedt

Intel CEO Pat Gelsinger made headlines by saying US chip subsidies should be for American firms, not foreign ones like TSMC or Samsung; then saying "Taiwan is not a stable place," due to the military threat (from China).
Thread 1/8 Chip Subsidies $INTC $TSM #semiconductors

2/8 Chip Subsidies
Gelsinger means the US$52 billion in subsidies for new US chip plants, called fabs, in the CHIPS for America Act, money Intel wants for its own new fabs. Fabs cost billions. Samsung is investing $17bln in a Texas fab; TSMC's Arizona fab is $12bln. $INTC $TSM

3/8 Chip Subsidies
TSMC Chairman Mark Liu responded by saying the subsidies should be for any new US fabs, and that if the money is only for US firms, it will hurt America’s ability to rebuild its semiconductor supply chain. $INTC $TSM $MU #semiconductors

4/8 Chip Subsidies
TSMC’s Liu is right. US subsidies should be open to foreign chip makers. It will take billions in direct investments to restore the US supply chain, which is why the subsidies are needed in the first place. Jobs and chip supply security are key. $INTC $TSM

5/8 Chip Subsidies
It’s worth remembering that US chip makers enjoy foreign subsidies. Micron operates 3 multi-billion $$ fabs in Taiwan, where it enjoys the same Taiwan government subsidies open to TSMC. $INTC $TSM $MU #semiconductors

6/8 Chip Subsidies
The Intel CEO's comments on Taiwan's stability are strange.
1. The threat from China is well known.
2. If Taiwan is so unstable, then why will Intel have its most advanced chips made there by TSMC?
$INTC $TSM #semiconductors

7/8 Chip Subsidies
No doubt the Intel CEO is talking his book and working hard to secure funding for his own fabs. That’s his job. Intel used to be the world leader in chip manufacturing. It’s under new leadership now and seeks to regain that title. $INTC #semiconductors

8/8 Chip Subsidies
US chip subsidies should be open. Openness and collaboration are the keys to chip industry success. The industry was born from democracy. It’s no accident that the most successful chip makers in the world are all in democracies. #semiconductors

9/8 Chip Subsidies
Tune in to next week's Tweet Storm: Why Communists Can’t Make Semiconductors. Spoiler: Because states that require secret police and controlled media are not good at the collaboration needed to succeed in the semiconductor industry. #semiconductors

10/8 Chip Subsidies
And the next Tweet Storm: Semiconductor Engineers are the new Rocket Scientists. Communist nations have never been successful at semiconductors, not the Soviet Union, not Communist China. But they can build rockets. Semiconductors are harder. #semiconductors