You’ve got to shovel money to industries, not to firms. There’s no way to avoid corruption on the front end. You need competition to shave it away on the back. The structure of industries is a public concern, not a private outcome. 1/

Nvidia right now is a flash in a pan, a niche GPU maker suddenly very special because it turned out its specialized chips were just what two important applications need. I wish it well, but we’re in a pretty fragile position, one Nvidia, one ASML, one TSMC. it’s a very dangerous industry structure.