But I think people vastly overestimate the difficulty to relocate any of these elsewhere. Give it a few years and it s all running the same anywhere.

It's only a matter of cost: training an american to do the job of a chinese for the same cost is impossible today because american would refuse to produce these under the same condition: they prefer to enjoy using the chips rather than making them.

The good news is that the chinese will eventually come around and start changing their expectation.

If you think China cant change, look at their drastic demographic changes: they can become what we became, they just take longer.