We don't need to do all this hypothetical thinking. Jensen's vision for his company is what positioned his company to gain from AI.

Say whatever you want about those other companies: they exist right now and there is nothing stopping them from competing.

Who has the GPUs everyone wants today, and why do you think that is? Why do you need to bring in all the hypothetical thoughts?

ASML and TSMC are not one offs. When the investment cost to compete becomes so great: talent must centralize to push the frontier.

You could build exact mirror images of the factories and you will struggle to find the talent to run the factory.