pat gelsinger

Taiwan has <3 weeks energy reserves; a blockade would brown out fabs for 90+ days, causing economic impact worse than Great Depression; China has rehearsed blockade 7 times in 4 years.

Global energy growth of 4-5% annually limits data center buildout, creating a natural governor on GPU spending; this prevents runaway bubble but constrains AI scaling.

TSMC's pure-play foundry with standardized ecosystem defeated Intel's IDM model; CHIPS Act helping but US leading-edge share only 18% vs Taiwan dominance; Intel foundry progress real but long road.

Multiple qubit modalities (trapped ion, photonic, spin) now demonstrate error correction; engineering scale is the only remaining barrier; meaningful commercial results expected this decade.