The US looks like it's inclined to going to throw money at someone to build up that capacity if necessary.

It's certainly less risky for Taiwan for TSMC to be the one building and running the most high profile element of it than if it was someone else.

If Taiwan is less important strategically, they are more at risk. But it isn’t TSMCs job to play geopolitics, they just sell chips. One factory doesn’t make a global semiconductor market, though.