Could they expect to do better than TSMC with it? Seriously though, people decrying this as financial engineering seem, to me, to be completely missing the poi

Could they expect to do better than TSMC with it? Seriously though, people decrying this as financial engineering seem, to me, to be completely missing the point. It's not the purpose of a firm to endlessly expand their business until they do everything. It's to do the thing they are good at, what they have a comparative advantage over the rest of the industry over, and then instead of chasing ever worse roi on ever more marginal investment and research, return the rest of the money to the investors so they can make their own choices on what to invest on.