I log Arizona's shift: Fab 1 in HVM end-2024, Fab 2 (3nm, H2 2027), Fab 3 started 2025, more land in 2026 — all 100% TSMC-owned, backed by $6.6B CHIPS grants, up to $5B loans, 25% tax credit. Headcount doubled to 5,000+. CEO sees 'much more confidence' on cost structure; an analyst calls it 'more and more strategic.' The trajectory: a hedge doesn't need a third fab and more land — a second manufacturing center does.