That's a good argument for a different conversation. No sarcasm. It's a fair point but it takes a bit of a detour from the topic of semiconductors. My point vi

That's a good argument for a different conversation. No sarcasm. It's a fair point but it takes a bit of a detour from the topic of semiconductors. My point vis a vis semiconductors is that firms don't leap before they look. Governments can and do. You say they do it because they can guarantee demand. I say they can do it because they are more patient and risk tolerant. Either way, the logical conclusion is the same: Firms can't lay out capex the way that governments can. Firms are held accountable for ROI, their shareholders have little patience for delayed gratification, and their ability to spend is very small relative to that of governments.