Late last year, a high-profile essay in the Parameters magazine of Army War College, the US war school, launched an idea it called “Broken Nest.” It started from a Chinese proverb, “In a broken nest, how can there be whole eggs?” to defend “a scorched earth strategy that would make Taiwan unattractive if taken by force.”
Specifically: “destroying facilities belonging to TSMC, the world’s most important chip maker.”
A week ago, at the height of the crisis around Taiwan, the president of TSMC appeared on CNN warning that his factory would become “non-operable” in the event of an invasion. “War doesn’t bring winners, all losers,” said Mark Liu.
Also coinciding with the crisis, the US Congress finally passed the Chips Act, a billion-dollar government incentive for private companies to set up chip or semiconductor factories in the US, reducing their dependence on Taiwan.
China has already given a similar incentive in the face of mounting US sanctions on Chinese companies buying advanced chips from Taiwan.
The Chips Act, defended the New York Times in an editorial, “can even be described as a copy of China, only the US was the first major practitioner of this industrial policy.” The Wall Street Journal, in an editorial, criticized “industrial policy advocates” who want the US “imitating” China – and pointed to the problems that are beginning to arise there.
Issues that are the cover of this week’s edition of Beijing’s Caixin, “Bribery Scandal Casts Shadow on China’s Chip Ambitions.” Since last month, several executives have been under investigation, in an “anti-corruption storm”.
On the other hand, the accelerated investment in semiconductor research and development by Chinese companies resulted in the first with 7 nanometer technology, like some of those produced in Taiwan.
Beijing is reducing the impact of the eventual “broken nest” — and Washington follows, spending billions not to depend on the same TSMC. Taipei, on the other hand, is getting out of the way, at risk of losing its two big clients.
This Friday, the WSJ reported that Joe Biden and Xi Jinping have already set up a personal meeting for November.
SERENA VENTURES
Serena Williams, who first appeared in Vogue magazine in 1998 photographed alongside her sister by Annie Leibovitz, chose the same Vogue to announce her retirement. He has five covers over the years, one of them with his daughter Olympia, taken by Mario Testino. In the new edition (above), again with his daughter, the photographer is Luis Alberto Rodriguez.
“Women’s magazines exist expressly to celebrate women,” describes the NYT. “Cover characters are generally treated well by both photographers and authors. The exposure they get helps them land campaigns and roles as brand representatives.”
In more than two decades, it has accumulated sponsors such as JP Morgan bank and established its own “venture capital” fund, now also investing third-party funds.
Before, closing an XP event reported by Infomoney, the broker’s own website, the tennis player declared that “Brazil would be a great country” for business.
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