EU chip production is negligible, the change rate is positive but again negligible (single 16nm fab). US has some spending but rely heavily on Intel. That says

EU chip production is negligible, the change rate is positive but again negligible (single 16nm fab). US has some spending but rely heavily on Intel. That says a lot. So, it's Taiwan and Korea. Though TSMC and Samsung are scaling up capacity, they won't do it to the scale as AI-bros want it. It's too big of a risk to have over-capacity in a downturn. This happened in the past several times and the industry learned to always stay couple of steps behind the hype. Similar to oil and gas industry.