I'm not sure if Cook is a counterexample. Is it really a shock absorber for their supply chain? Cash on the balance sheet is not inventory. Cash won't make the

I'm not sure if Cook is a counterexample. Is it really a shock absorber for their supply chain? Cash on the balance sheet is not inventory. Cash won't make the bill of materials magically appear; if a weather event knocked out 5nm production at TSMC, I'm not sure any amount would be able to address their supply chain woes. There just aren't enough ASML machines in the world, let alone everything else in a state of the art fab. I wouldn't rule out their ability to build a fab in some sort of incredible Manhattan Project-esque feat with their outstanding funds, but at that point you'd have to ask "at what cost?" Then again, maybe that's a more efficient way they could use their cash than sitting on it.