And yet fabs aren't reliant on minerals that are rare and geographically concentrated (for the most part, I'm sure they rely on some rare earths. The point is silicon is hilariously common).

Fabs also capture very little value. TSMC and Intel aren't the trillion dollar companies. Google, MS, Amazon, etc. are.

So there's really no upside. Only the downside of a large fraction of the world's high end fab capacity disappearing overnight. It'd be one thing if one side of the US and China had their own backup capacity. But they don't. And they won't for at least a decade, in my non-expert opinion.