> It doesn't seem to have gotten them a whole lot Intel has majority market share in datacenter and client computing. I learned in a professional setting that

> It doesn't seem to have gotten them a whole lot Intel has majority market share in datacenter and client computing. I learned in a professional setting that you can't ever judge the quality of a semiconductor company based on its price action because the vast majority of the money deployed on Wall Street lags the technology because technologists are rarely the ones expressing discretionary views on the stock. > The world is literally filled with the carcasses of failed R&D projects when nations that tried to develop industries This is a bad take. The largest pure play foundry makes up essentially half of its host economy, and there's a difference between building factories/ports/plants and doing research. Even failed research is a step forward but that's not what we're talking about here. There's no geographic reason why Taiwan should be the epicenter of semi fabrication, in fact there's a political and economic disincentive for it. You have this assumption that there's somehow a shortage of human capital in the semiconductor space but that's just not true. The present bottleneck comes from the fact that demand has grown beyond what the industry can facilitate, and capex outlay is a risk that takes time to bear fruit. I disagree with your view of defense innovation, but I suppose we can't know because all of the juiciest recent developments are probably a secret anyway. But think of your ten favorite technologies and try to determine whether they were affected by defense spending. Here's an example: there'd be no Uber without GPS, and no GPS without the defense industry.