I ARRIVE IN Taiwan brooding morbidly on the fate of democracy. My luggage is lost. This is my pilgrimage to the Sacred Mountain of Protection. The Sacred Mountain is reckoned to protect the whole island of Taiwan-and even, by the supremely pious, to protect democracy itself, the sprawling experiment in governance that has held moral and actual sway over the would-be free world for the better part of a century. The mountain is in fact an industrial park in Hsinchu, a coastal city southwest of Taipei. Its shrine bears an unassuming name: the Taiwan Semiconductor Manufacturing Company. By revenue, TSMC is the largest semiconductor company in the world. In 2020 it quietly joined the world's 10 most valuable companies. It's now bigger than Meta and Exxon. The company also has the world's biggest logic chip manufacturing capacity and produces, by one analysis, a staggering 92 percent of the world's most avant-garde chips-the ones inside the nuclear weapons, planes, submarines, and hypersonic missiles on which the international balance of hard power is predicated.
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