I have issues as to where in the US the fabs are going, mostly around water availability. I'm curious why you have made the assumption that the new fabs will have low yields. The current fabs in the US don't seem to be having this issue, is there a reason why these would be worse?

Also, Taiwan is at the long end of shipping lanes from the Persian Gulf. Russian oil and gas has gone off the market, so even if China doesn't interfere with oil and CNG - or coal from Aus - energy prices are going to spike in Taiwan. Even if the government price-supports energy for the fabs (making it an externality for them) there could be an availability issue. Meanwhile, North America has local energy resources. Agreed that labor is an issue, but as far as labor regulations, many of the biotech companies have people on 12 hour shifts. I know some workers in that area who tell me it's industry standard. As far as needing PhDs from US universities for day-to-day operation, I'm not convinced that that's necessary. For original design and setup, absolutely, but for 12 hours at a time making sure everything's functioning properly...? Biotech, which uses plenty of PhDs doesn't work that way.