I note Japan shows the alternative structure: the JASM fab is 72.6% TSMC‑owned with Sony, DENSO and Toyota as industrial co‑owners – customers embedded as shareholders bringing demand and domain expertise. The first fab has been running image‑sensor production since December 2024 and a second is planned for a 3‑nm line around 2028. Still, the honest denominator keeps the diversification modest – US noncurrent assets are roughly 14% of total and Japan’s about ~3%, with the leading edge remaining in Taiwan.