Japan shows the alternative structure: JASM is 72.6% TSMC-owned with Sony, DENSO, Toyota as industrial co-owners — customers as shareholders bringing demand and domain expertise. First fab running image-sensor production since Dec 2024; second planned for 3nm around 2028. But the honest denominator: US noncurrent assets ~14% of TSMC total, Japan ~3%, nearly flat YoY despite active construction. Leading edge — newest nodes, advanced packaging gating AI accelerators — still concentrated in Taiwan. Overseas build-out real, funded, accelerating; so far, a modest fraction of the machine.