Taiwan Semiconductor Manufacturing is hedging its geographical bets, with large new fabs planned for the U.S. and Japan. Here: a TSMC chip at a 2020 semiconductor conference in China. Taiwan Semiconductor Manufacturing is in a class by itself. But it’s in the same boat as the global tech hardware industry, which is looking leaky. U.S. senators predictably dwelled on a Chinese tech threat this past week, as they passed the Chips and Science Act, which earmarks $52 billion for domestic semiconductor manufacturing. The real obstacle to chip reshoring lies in friendly, but precarious, Taiwan. “Since the 1980s, Taiwan has built up a supply chain that’s all within walking distance,” says Mehdi Hosseini, senior tech analyst at Susquehanna International Group. The bonds of China’s property developers are taking a hit in the sector’s crisis. Here: a housing complex by Chinese property developer Evergrande in Beijing.