$MU up 250%, the market is pricing in a "de-risking premium." But don't forget, $250 billion invested means depreciation, labor, and energy costs are all significantly higher than in Asia. In the long run, either the U.S. government continues subsidies, or end-product prices rise, or profit margins are compressed — this is structural, not cyclical.

In the 1990s, Japan's semiconductor industry also tried localization, but ultimately lost to cost and efficiency. Whether this can succeed depends on policy continuity and the speed of technological iteration. I tend to think that the next decade will be a pattern of "regionalized supply chains + coexisting premiums," and it will not return to the global integration of the 2010s.