> 2 years is not remotely enough time to spin up a competitor. It's not even enough time for a current leading competitor to spin up another fab.

A thing I heard from a friend who works in at one of the largest providers of production machines in this space: they have the machines and for some slices of the market they could basically ship them to a new fab next week. The problem is more in the installation (since the installs themselves are complicated), where they're basically limited by not having enough people to go around and _do the installs_.

It's really funny to think about how the bottleneck is so deep in the chain.