They are still coupled to manufacturing in China. If you look at the capricious nature of CCP regulation just in the past year, with Didi, Ant, Ed Tech, etc or

They are still coupled to manufacturing in China. If you look at the capricious nature of CCP regulation just in the past year, with Didi, Ant, Ed Tech, etc or even the government news apparatus sicking mobs on to Tesla triggering a decline in Tesla sales over what looks to be a staged protest over brakes, it is not good situation to be in. TSMC is building tons of a fabs, including two in Arizona right now, so they will have some protection from the CCP starting an invasion, but such a conflict would undoubtedly draw the US into it, if only by proxy, and set off a major split in diplomatic/economic relations, which would threaten pretty much any US company with significant manufacturing base in China. Tim Cook should be looking to shift more production to India, Southeast Asia, Brazil, etc. That way, he doesn't have to engage in major acting performances at Chinese conferences, like saying that Apple shares China's vision of an "open" internet.