Announcements of new semiconductor plants have arrived steadily since the pandemic shortages, backed by public money in the United States, Europe, Japan and India. Construction, however, is slower than politics.
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Leading-edge logic remains overwhelmingly concentrated in a handful of facilities. Packaging and testing, the less glamorous end of the chain, is even more concentrated and receives a fraction of the subsidy attention.
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Cost is the constraint that policy has not solved. A fab built for strategic reasons still has to compete commercially once it opens, and several projects have quietly slipped their timelines.
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Diversification is real but partial. On current trajectories the industry will be less fragile by the end of the decade, not immune.
