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a lot more self-sufficient. But at the cutting edge, the types of chips that are inside phones or in AI systems, China's still meaningfully behind industry leaders like TSMC. Right now, the most
advanced Chinese firm, SMIC, is about five years behind TSMC, which might not sound like a lot, but that's two and a half Moore's Laws behind TSMC, which means that, for the most cutting
edge applications, you really take a performance hit if you want to use a Chinese manufacturer versus a Taiwanese one. Until 2020, TSMC'S two largest customers were first, Apple, the
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