Earlier quoted context omitted.
Now imagine TSMC being controlled by China. While I think it's fairly low probability, the imagination does create some pretty dystopian scenarios.
How would that work? They can't take the fabs (single door opened and dust makes it all useless) and even if they could they can't run ASML machines with their support. So... labor camp fabs on unmaintained STOA hardware from a single company everybody relies on? I can't imagine that scenario. Either they manage to redeploy the whole value chain (not saying it's impossible but doesn't seem to be the case at scale for…
I didn't say it was likely, but one of these two outcomes is possible.