AMID A CHIP shortage that has hobbled producers of everything from toys to wind turbines, chipmakers are on a spending spree. On January 13th Taiwan Semiconductor Manufacturing Company (TSMC), the world’s biggest contract manufacturer, said it would spend up to $44bn on new capacity in 2022. That is up from $30bn last year, triple the number in 2019 and ahead of earlier plans to spend over $100bn in total over the next three years. Intel, an American rival, plans to burn through $28bn this year. On January 21st it said it would build two big new factories in Ohio by 2025 at a total cost
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