Chip War Part 6: Offshore Innovation?

Part 6 examines key developments in the semiconductor industry, including the transition from in-house to fabless manufacturing, the impact of EUV lithography, and strategic shifts in major companies like TSMC, Apple, and Intel.

Christian Mills


November 21, 2023

This post is part of the following series:

“Real Men Have Fabs”

Chapter 35 explores Jerry Sanders’ philosophy regarding semiconductor fabrication. Sanders, the founder of AMD, strongly believed in the importance of maintaining in-house manufacturing capabilities, contrasting with the rising trend of outsourcing to foundries like TSMC. The chapter discusses the economic and strategic implications of this philosophy, highlighting the evolution of the semiconductor industry and the shift towards fabless manufacturing.


  1. Sanders’ Belief in In-house Manufacturing: Jerry Sanders’ strong stance on the strategic importance of owning semiconductor fabrication plants.
  2. Shift to Outsourcing with Foundries like TSMC: The significant industry shift towards outsourcing manufacturing to foundries.
  3. Challenges of Maintaining Fabs: The economic and technological hurdles of sustaining fabs, particularly with increasing costs.
  4. Contrast with Fabless Trend: Sanders’ philosophy as a contrast to the emerging trend of fabless companies focusing on design and outsourcing production.
  5. Evolution Reflecting Globalization and Strategic Models: How the semiconductor industry’s evolution mirrors broader trends in globalization and strategic business approaches.
  6. Differing Views on Competitiveness and Innovation: The varied perspectives on the best path to competitiveness in the semiconductor industry, whether through maintaining or divesting fabs.
  7. Importance of Control Over Production: Sanders’ approach emphasizing control over the manufacturing process.
  8. Fabless Model and Design Innovation: How the fabless business model enables a focus on design innovation without manufacturing complexities.
  9. Shift to Fabless Manufacturing Impacting Innovation: The significant change in innovation and production approaches with the industry’s move to fabless manufacturing.
  10. Economic Implications of Fabs: Discussion of the high costs and risks associated with maintaining fabs.


  1. Jerry Sanders, founder of AMD, was known for his strong belief in the importance of owning semiconductor fabs.
  2. The rise of foundries like TSMC marked a significant shift in the semiconductor industry towards outsourcing manufacturing.
  3. Maintaining semiconductor fabs became increasingly expensive with each generation of technological improvement.
  4. The fabless business model, focusing on chip design and outsourcing manufacturing, emerged as a significant trend in the semiconductor industry.
  5. The chapter discusses the strategic and economic considerations in the decision to maintain or divest fabs in the semiconductor industry.
  6. Texas Instruments is highlighted as the biggest analog chip maker today.
  7. The memory market, particularly DRAM and NAND, has seen a push towards offshoring production, primarily in East Asia.
  8. The number of firms capable of fabricating advanced logic chips has decreased due to the high costs and technological complexities involved.
  9. The shift towards fabless manufacturing represents a broader trend of specialization and efficiency in the global economy.


  1. Analyze the strategic implications of owning versus outsourcing semiconductor fabrication facilities.
  2. Explore the economic and technological challenges associated with maintaining fabs in the semiconductor industry.
  3. Consider the impact of the fabless business model on innovation and competitiveness in the semiconductor industry.
  4. Study the evolution of the semiconductor industry, particularly the shift towards fabless manufacturing and its broader implications.
  5. Reflect on the decisions of traditional semiconductor companies like AMD in contrast to new fabless companies.
  6. Investigate the role of foundries like TSMC in transforming the semiconductor manufacturing landscape.
  7. Assess the strategic and economic considerations of offshoring production in the semiconductor industry.
  8. Examine the implications of the increasing cost and complexity of semiconductor fabrication on industry dynamics.
  9. Understand the broader trends of specialization and efficiency in the global economy as exemplified by the semiconductor industry.
  10. Consider the perspectives of industry figures like Jerry Sanders on the future of manufacturing and innovation in semiconductors.

The Fabless Revolution

Chapter 36 discusses the rise of fabless semiconductor companies in Silicon Valley. It chronicles the journey of companies like Nvidia and Qualcomm, which designed chips in-house but outsourced manufacturing, primarily to TSMC. The chapter highlights the impact of this model on the semiconductor industry, emphasizing the shift from traditional fabrication methods to innovative approaches in chip design and the strategic use of foundries.


  1. Rise of the Fabless Semiconductor Model: The revolution in the industry led by companies like Nvidia and Qualcomm focusing on in-house design and outsourcing manufacturing.
  2. Innovation and Growth through Fabless Model: This model’s contribution to rapid growth and innovation in the semiconductor sector, particularly in fields like computer graphics and mobile communications.
  3. Emphasis on Design Over Manufacturing: The significant operational change in semiconductor companies, emphasizing design rather than traditional manufacturing.
  4. Success of Nvidia in GPUs: The potential of the fabless model demonstrated by Nvidia’s achievements in graphics processor units.
  5. Qualcomm’s Mobile Communications Technology: The company’s pivotal role in advancing mobile communications technology through the fabless model.
  6. Democratization of Chip Design: How the emergence of fabless companies lowered barriers for startups and encouraged competition.
  7. Leveraging Manufacturing Expertise of Foundries: The ability of companies to focus on design and innovation while utilizing the manufacturing capabilities of foundries like TSMC.
  8. Importance of Parallel Processing: Nvidia’s expansion beyond graphics into applications like CUDA software.
  9. Rapid Innovation in Mobile Phone Technology: Qualcomm’s success in mobile technology as a testament to the fabless model’s efficiency.
  10. Expansion of Semiconductor Industry Scope: The fabless revolution’s role in developing new chip categories and technologies, broadening the semiconductor industry’s impact.


  1. Nvidia and Qualcomm are examples of successful fabless semiconductor companies.

  2. Nvidia specialized in GPUs for computer graphics and gaming, later expanding into parallel processing with CUDA.

  3. Qualcomm played a pivotal role in the development of mobile communications technology, significantly contributing to 2G and later generations.

  4. The fabless business model allowed for significant reductions in startup costs and entry barriers in the semiconductor industry.

  5. The emergence of semiconductor foundries like TSMC facilitated the growth of fabless companies by providing manufacturing services.

  6. Fabless companies contributed to the evolution of new computing paradigms, such as advanced mobile phones and graphics processing.

  7. Field-programmable gate arrays, an innovation in chip technology, were developed by fabless companies like Xilinx and Altera.

  8. The fabless model led to a democratization of chip design, enabling more companies to compete in the semiconductor industry.

  9. The chapter discusses the impact of the fabless model on the global semiconductor supply chain and manufacturing landscape.

  10. The success of fabless firms like Nvidia and Qualcomm highlights the shift in the semiconductor industry towards design innovation.


  1. Study the strategic advantages and challenges of the fabless semiconductor model in the industry.
  2. Analyze the impact of companies like Nvidia and Qualcomm on the evolution of the semiconductor sector.
  3. Explore the role of foundries like TSMC in enabling the growth of fabless companies.
  4. Consider the implications of the fabless model for innovation and competition in the semiconductor industry.
  5. Examine the technological advancements brought about by fabless companies, especially in fields like mobile communications and graphics processing.
  6. Assess the economic and technological shifts that led to the rise of the fabless model in the semiconductor industry.
  7. Investigate the role of new technologies like field-programmable gate arrays in the evolution of chip design.
  8. Reflect on the impact of the fabless model on global semiconductor supply chains and manufacturing landscapes.
  9. Understand the broader trends of specialization and efficiency in the global economy as reflected in the semiconductor industry.
  10. Evaluate the long-term effects of the shift towards design-centric approaches in the semiconductor sector.

Morris Chang’s Grand Alliance

Chapter 37 focuses on the visionary leadership of Morris Chang, the founder of TSMC. It contrasts the fading era of semiconductor pioneers like Jerry Sanders of AMD with the rise of a new generation of leaders who embraced the fabless model. The chapter highlights Chang’s strategic foresight in recognizing the potential of smartphones and his commitment to maintaining TSMC’s leadership in the foundry business, especially during the financial crisis of 2008-2009.


  1. Morris Chang’s Pivotal Leadership at TSMC: Chang’s influence in transitioning the industry to a foundry-based model.
  2. Vision for the Impact of Mobile Devices: Anticipating the significance of mobile computing in the semiconductor sector.
  3. Contrast with Traditional Semiconductor Approaches: The differing approaches of companies like AMD with in-house fabrication versus TSMC’s fabless model.
  4. Chang’s “Grand Alliance” Strategy: Building a cooperative ecosystem through collaboration with various companies.
  5. Transition in Semiconductor Leadership: The shift from pioneers like Jerry Sanders to new executives with different business models.
  6. Strategic Investment During Economic Downturns: Chang’s decision to invest heavily during the financial crisis, reflecting his belief in the industry’s growth.
  7. Innovation and Capacity Expansion at TSMC: Commitment to maintaining market leadership through continuous innovation.
  8. Technological Advancements in Manufacturing: The shift to advanced manufacturing technologies like FinFET transistors.
  9. Chang’s Investment Focus Over Cost-Cutting: Prioritizing R&D and capacity investment over traditional cost-cutting measures.
  10. TSMC’s Role as a Neutral Industry Player: Its ability to collaborate effectively without direct competition.


  1. Morris Chang was a visionary leader in the semiconductor industry, founding TSMC.
  2. Chang’s Grand Alliance strategy involved collaboration with a wide network of companies in the semiconductor ecosystem.
  3. TSMC played a central role in the shift towards the fable

ss semiconductor model.

  1. Chang’s strategic decisions during the 2008-2009 financial crisis were crucial in maintaining TSMC’s industry leadership.
  2. TSMC’s approach under Chang’s leadership focused on innovation, R&D investment, and expanding manufacturing capacity.
  3. The chapter discusses the evolution of semiconductor manufacturing technology, including the introduction of FinFET transistors.
  4. Morris Chang’s return to active leadership at TSMC was a response to the challenges faced during the financial crisis.
  5. TSMC’s strategy focused on being a neutral player in the industry, manufacturing chips for a wide range of clients.
  6. Chang emphasized the importance of collaboration and innovation within TSMC’s ecosystem.
  7. The shift in semiconductor industry leadership from founders like Jerry Sanders of AMD to a new generation of executives is highlighted.


  1. Study the impact of leadership styles and strategic decisions on the success of companies in the semiconductor industry.
  2. Analyze the role of foundries like TSMC in the evolution of the semiconductor manufacturing model.
  3. Explore the technological advancements in semiconductor manufacturing, such as FinFET transistors.
  4. Consider the implications of the 2008-2009 financial crisis on strategic decision-making in high-tech industries.
  5. Reflect on the importance of collaboration and innovation in sustaining industry leadership.
  6. Assess the shift in industry dynamics from integrated manufacturing to a foundry-based model.
  7. Investigate the strategic importance of maintaining R&D investment and capacity expansion during economic downturns.
  8. Examine the role of TSMC’s Grand Alliance strategy in fostering a cooperative semiconductor ecosystem.
  9. Understand the changing landscape of the semiconductor industry and the challenges faced by traditional companies.
  10. Evaluate the long-term impacts of visionary leadership and strategic foresight in the semiconductor sector.

Apple Silicon

Chapter 38 examines Apple’s strategic shift in designing its own silicon chips for devices like the iPhone and iPad. The chapter highlights Apple’s evolution from outsourcing chip design and production to Samsung, to acquiring PA Semi and developing its own A4 processor. This move underscored the significance of controlling hardware and software integration, a vision Steve Jobs had since Apple’s early days. Apple’s investment in chip design, particularly in facilities in Bavaria, Israel, and Silicon Valley, is discussed, along with the role of foundries like TSMC in fabricating Apple’s processors.


  1. Strategic Shift to In-House Chip Design: Apple’s transition to designing its own silicon chips to enhance hardware and software integration.
  2. Foundation of Steve Jobs’ Vision: The integral role of Jobs’ vision in integrating software and hardware in Apple’s product development.
  3. Significance of PA Semi Acquisition: Apple’s pivotal move in acquiring PA Semi to advance its in-house chip design capabilities.
  4. Milestone with A4 Processor Development: The creation of the A4 processor as a key step in Apple’s journey towards chip self-reliance.
  5. Contrast with Other Smartphone Companies: Apple’s distinct strategy compared to competitors relying on external chip suppliers.
  6. Global Investment in Chip Design Facilities: The importance of Apple’s R&D and design facilities worldwide for silicon innovation.
  7. Partnership with TSMC for Fabrication: Apple’s processors, designed in-house but fabricated by TSMC, showcasing global semiconductor manufacturing dynamics.
  8. Role of Specialized Silicon in Apple Products: The impact of proprietary chip technology on the performance and efficiency of Apple devices.
  9. Fabless Model Adoption by Apple: The significance of Apple’s approach to design innovation in the semiconductor industry.
  10. Strategic Advantage in Smartphone Market: Apple’s in-house chip design as a key competitive edge in the smartphone industry.


  1. Apple’s transition to designing its own silicon chips was significant in the technology industry.
  2. The company acquired PA Semi for its expertise in energy-efficient processing, which led to the development of the A4 processor.
  3. Apple’s in-house chip design efforts differentiated its products in the competitive smartphone market.
  4. The company invested heavily in R&D and chip design facilities in various global locations.
  5. TSMC plays a critical role in fabricating Apple’s processors.
  6. Apple’s strategic move to design its own chips contributed to its dominance in smartphone profits.
  7. The chapter highlights the global nature of semiconductor manufacturing and supply chains.
  8. Apple’s approach to chip design and fabrication reflects a broader trend in the electronics industry.
  9. The company designs not only the main processors for its devices but also ancillary chips for accessories.
  10. Apple’s strategy in chip design is part

of its larger vision for integrating hardware and software.


  1. Study the impact of in-house chip design on a technology company’s competitive advantage in the market.
  2. Analyze the role of foundries like TSMC in the global semiconductor manufacturing ecosystem.
  3. Explore the strategic implications of Apple’s shift from outsourcing chip design to developing its own processors.
  4. Consider the effects of proprietary chip technology on product performance and market dominance.
  5. Examine the importance of global R&D and chip design facilities in driving technological innovation.
  6. Assess the impact of the fabless model on the semiconductor industry’s business strategies.
  7. Investigate the changing dynamics of the smartphone market and the role of chip design in market competition.
  8. Reflect on the broader trends in the electronics industry, such as the integration of hardware and software.
  9. Understand the complexities of global semiconductor supply chains and their implications for technology companies.
  10. Evaluate the long-term effects of strategic decisions in chip design on a company’s success in the technology sector.


Chapter 39 delves into the development of extreme ultraviolet (EUV) lithography, a critical technology in semiconductor manufacturing. It focuses on ASML, the Dutch lithography company, and its nearly two-decade journey to make EUV lithography functional. The chapter highlights the complex global supply chain and the collaboration of companies and national labs across the world. It discusses the enormous technological challenges and investments from major players like Intel, Samsung, and TSMC in ASML to develop this groundbreaking technology.


  1. EUV as a Technological Leap in Semiconductor Manufacturing: The significance of EUV lithography in creating smaller, more efficient chips.
  2. Global Collaboration in Developing EUV: ASML’s worldwide sourcing and collaboration to develop EUV technology.
  3. High-Stakes Investments from Industry Giants: The enormous investment from leading semiconductor companies like Intel, Samsung, and TSMC in EUV development.
  4. Overcoming Technical Challenges: The transition from visible light to EUV lithography involved overcoming numerous technical barriers.
  5. Innovation in Laser Technology: Developing new types of powerful, precision lasers for EUV lithography.
  6. Complexity of EUV Lithography Tools: Illustrating the advanced state of modern semiconductor manufacturing through the complexity of EUV tools.
  7. Crucial Role of EUV Mirrors by Zeiss: The development of mirrors capable of reflecting EUV light, a critical component in the technology.
  8. ASML’s Supply Chain Expertise: The success of EUV attributed to ASML’s ability to manage a complex, global supply chain.
  9. Interdependence in the Semiconductor Industry: The collaborative and global nature of the industry, as showcased by the development of EUV technology.
  10. Milestone in Semiconductor Manufacturing: The transition to EUV marking a significant advancement in meeting modern electronics demands.


  1. ASML, a Dutch company, has been instrumental in developing EUV lithography technology over two decades.

  2. EUV lithography is essential for creating smaller, more efficient semiconductor chips.

  3. Significant investments were made by major semiconductor companies like Intel, Samsung, and TSMC in ASML to develop EUV technology.

  4. The development of EUV lithography involved global collaboration and a complex supply chain.

  5. Producing EUV light required new technological innovations, including the use of high-powered lasers to create plasma from tin droplets.

  6. German companies like Trumpf and Zeiss played crucial roles in developing components for EUV technology, including powerful lasers and advanced mirrors.

  7. The complexity and cost of EUV lithography tools are unprecedented in the history of mass-produced machine tools.

  8. The development of EUV technology involved overcoming numerous technical challenges, such as creating mirrors capable of reflecting EUV light.

  9. ASML’s success in EUV lithography is attributed to its expertise in supply chain management and collaboration with global partners.

  10. The EUV lithography tool represents a multinational effort, with crucial components sourced from various countries.


  1. Study the role of EUV lithography in advancing semiconductor technology and its impact on the industry.
  2. Analyze the collaborative nature of technological innovations like EUV lithography and the role of global supply chains.
  3. Reflect on the strategic importance of investments in cutting-edge technologies by leading semiconductor companies.
  4. Explore the technical challenges and innovations involved in developing EUV lithography.
  5. Consider the impact of multinational contributions in the development of advanced manufacturing technologies.
  6. Examine the role of companies like Trumpf and Zeiss in supporting the development of key components for EUV technology.
  7. Assess the significance of ASML’s expertise in supply chain management for the successful development of EUV lithography.
  8. Investigate the economic and technological implications of the transition from traditional to EUV lithography in chip manufacturing.
  9. Understand the complexities and costs associated with developing and implementing breakthrough technologies like EUV lithography.
  10. Evaluate the long-term impacts of EUV technology on the global semiconductor industry and its future direction.

There Is No Plan B

Chapter 40 focuses on the pivotal role of extreme ultraviolet (EUV) lithography in the semiconductor industry. It highlights Tony Yen’s contributions, who after joining TSMC in the late 1990s, played a key role in the development of EUV lithography. The chapter underscores the high stakes involved in developing EUV technology, with significant investments from industry leaders like TSMC, Intel, Samsung, and GlobalFoundries. It also touches on the challenges and decisions faced by GlobalFoundries, which eventually abandoned its EUV program due to financial constraints.


  1. EUV Lithography as a Technological Leap: The critical role of EUV lithography in enabling smaller transistor fabrication and sustaining Moore’s Law.
  2. Tony Yen’s Impact at TSMC: Yen’s significant role in advancing lithography technology at TSMC.
  3. Collaborative Development of EUV Technology: The necessity of multi-company collaboration and substantial financial investment in EUV.
  4. Intel’s Major Investment in ASML: Highlighting the strategic value of EUV lithography through Intel’s significant financial commitment.
  5. Transitioning from DUV to EUV Lithography: The array of technical hurdles faced in moving from deep ultraviolet to EUV lithography.
  6. EUV as the Only Viable Path Forward: EUV lithography’s role as the singular path for continued miniaturization in semiconductor manufacturing.
  7. Morris Chang’s Visionary Bet on EUV: TSMC’s substantial investment in EUV technology reflecting Chang’s foresight.
  8. GlobalFoundries’ Challenges with EUV: The financial and technical difficulties smaller foundries face in adopting cutting-edge technologies.
  9. Financial and Strategic Divergence in EUV Adoption: Contrasting financial positions and strategies of major semiconductor companies regarding EUV technology.
  10. Consolidation in Semiconductor Manufacturing: The decline in the number of companies capable of fabricating leading-edge logic chips.


  1. EUV lithography was critical for the continued miniaturization of semiconductor components.
  2. Tony Yen’s work at TSMC significantly contributed to the advancement of EUV technology.
  3. Intel’s investment in ASML for EUV development was a major financial commitment to semiconductor technology.
  4. The transition from deep ultraviolet to EUV lithography required overcoming several technical challenges.
  5. TSMC, under Morris Chang, heavily invested in EUV technology.
  6. GlobalFoundries eventually abandoned its EUV program due to financial constraints.
  7. The development of EUV technology marked a significant technological advancement in semiconductor manufacturing.
  8. The semiconductor industry faced intense competition and pressure to innovate, especially in lithography technology.
  9. EUV technology was crucial for maintaining the pace of Moore’s Law.
  10. The semiconductor industry saw consolidation, with a reduction in the

number of companies capable of fabricating leading-edge logic chips.


  1. Study the strategic importance of EUV lithography in the semiconductor industry and its impact on technological advancement.
  2. Analyze the role of major semiconductor companies and their investments in EUV technology development.
  3. Reflect on the technical challenges and innovations involved in transitioning from deep ultraviolet to EUV lithography.
  4. Consider the financial and strategic implications for semiconductor companies in adopting cutting-edge technologies like EUV.
  5. Explore the competitive dynamics in the semiconductor industry, particularly in the area of lithography technology.
  6. Assess the impact of industry consolidation on the development and implementation of advanced technologies.
  7. Investigate the role of global collaboration and supply chains in the development of EUV lithography.
  8. Examine the factors contributing to the decisions of companies like GlobalFoundries to abandon their EUV programs.
  9. Understand the broader trends in semiconductor manufacturing, including the pressure to continuously innovate.
  10. Evaluate the long-term effects of technological advancements like EUV lithography on the global semiconductor industry.

How Intel Forgot Innovation

Chapter 41 examines the decline of Intel’s leadership in the semiconductor industry. It focuses on Intel’s challenges in adapting to new technologies and market shifts, particularly in artificial intelligence (AI) and data center processors. The chapter contrasts Intel’s struggles with the rise of competitors like Nvidia, who embraced AI and developed GPUs optimized for this purpose. Intel’s foray into the foundry business and its failure to keep up with advancements in manufacturing processes like EUV lithography are also discussed, highlighting the company’s missed opportunities and strategic missteps.


  1. Intel’s Missed Technological Shifts: Intel’s decline due to its failure to adapt to emerging technologies, particularly in AI and data centers.
  2. Limited Focus on CPUs Over GPUs: Intel’s limited competitiveness owing to its continued focus on CPUs, while GPUs gained prominence in AI and parallel processing.
  3. Nvidia’s Successful Pivot to AI: Nvidia’s strategic success in GPU design for AI, highlighting Intel’s missed opportunities.
  4. Integrated Model Becoming a Liability: The shift in the industry making Intel’s integrated chip design and manufacturing model less advantageous.
  5. Struggles in the Foundry Business: Intel’s unsuccessful foray into the foundry business and difficulties in adapting to its open, service-oriented nature.
  6. Delay in Adopting EUV Lithography: Intel falling behind in manufacturing technology due to its delayed adoption of EUV lithography.
  7. Intel’s Internal Bureaucratic Stagnation: Challenges within Intel, including bureaucratic hurdles and a lack of innovation.
  8. Decline in Market Share and Influence: Intel’s diminishing influence and market share amid delays and technical issues in its manufacturing processes.
  9. Shift in Global Semiconductor Landscape: The rise of Asian foundries and the decline of American manufacturing prowess.
  10. Importance of Continuous Innovation: Intel’s struggles underscoring the necessity for continuous innovation and adaptability in the tech industry.


  1. Intel, once a leader in the semiconductor industry, struggled to adapt to new technologies and market shifts.

  2. The company’s focus on CPUs became a limitation with the rise of AI and the need for GPUs.

  3. Nvidia successfully adapted to the AI market, leveraging its GPU technology.

  4. Intel’s integrated model of chip design and manufacturing became less effective in a changing industry.

  5. Intel’s foray into the foundry business was unsuccessful, contrasting with the success of foundries like TSMC.

  6. The company faced significant delays and technical challenges in advancing its manufacturing processes.

  7. Intel’s delay in adopting EUV lithography was a critical factor in its technological lag.

  8. Intel’s internal challenges included bureaucracy and a lack of innovation.

  9. The company’s market share and influence in the semiconductor industry declined over time.

  10. The global semiconductor landscape shifted, with Asian foundries rising and American manufacturing losing ground.


  1. Analyze the impact of technological shifts on leading semiconductor companies like Intel.
  2. Study the strategic importance of adapting to market changes, such as the rise of AI in computing.
  3. Reflect on the challenges and opportunities in transitioning from traditional CPU manufacturing to GPU and specialized processors.
  4. Consider the role of continuous innovation in maintaining competitiveness in the semiconductor industry.
  5. Explore the implications of internal corporate challenges, like bureaucracy and innovation stagnation, on a company’s market position.
  6. Assess the strategic decisions of companies like Nvidia in pivoting towards AI and GPU technology.
  7. Investigate the impact of manufacturing technology advancements, like EUV lithography, on the semiconductor industry.
  8. Examine the global dynamics of the semiconductor industry, particularly the rise of Asian manufacturing and the decline of American manufacturing.
  9. Understand the broader trends in computing demands, such as the need for efficient AI processing.
  10. Evaluate the potential future directions for companies like Intel in regaining their leadership in semiconductor technology.