At this point TSMC is Taiwan, in much the same way that Novo Nordisk is Denmark: they command more resources than their respective governments. So this is Taiwan hedging against direct action by the PRC by integrating itself into the US economy. It is not an economic investment -- considered purely economically, it is lunacy -- but a political investment, and the only possible one. That does not mean that there are no risks, but the largest one, US economic collapse, is simply not subject to contingency planning: if the US goes down, TSMC goes down, one way or another. The $100B burns regardless.
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At this point TSMC is Taiwan, in much the same way that Novo Nordisk is Denmark: they command more resources than their respective governments. So this is Taiwan hedging against direct action by the PRC by integrating itself into the US economy. It is not an economic investment -- considered purely economically, it is lunacy -- but a political investment, and the only possible one. That does not mean that there are no risks, but the largest one, US economic collapse, is simply not subject to contingency planning: if the US goes down, TSMC goes down, one way or another. The $100B burns regardless.