I was going to say, the fab is capital-intensive but at least has value as an asset so long as you can keep it printing out chips profitably, which is more like

I was going to say, the fab is capital-intensive but at least has value as an asset so long as you can keep it printing out chips profitably, which is more likely in a trade war where certain foreign chips are banned... As for what chips you print on them... x86, ARM, RISC-V, GPUs, NPUs, RAM, FPGAs, PLAs, print whatever the market asks for... It's not like there's fundamental superior value in x86 as an intellectual property, just inertia. But local manufacturing gets protected in a trade war, because you'll need it if push comes to shove. Intellectual property just gets stolen and copied.