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Hello and welcome to another episode of the Adlots podcast. I'm Joe Wyzontal.

And I'm Tracy Alloway. Tracy, we're doing another semi-conductors episode today.

There's no escape. Once you're in, you can't get out, right?

We're going to be doing semi-conductors episodes for the rest of our career, I'm sure.

But I think there's actually two reasons. Maybe three, or maybe a bunch, why we keep going

back to this well. I mean, for one, there's just a lot of news. So many things have happened,

whether it's sort of new ventures from, say, Intel or new spending plans from talent semi or new

legislation being proposed. So there's all kinds of new news. But I also think it's just a really good,

it's a good topic for us. Yeah, I think it's an interesting mix of technology and sort of business

competition and also government policy. And we've spoken a lot about this, but government policy

plays such a big role in sort of incubating semi-conductor industry. And I think we spoke

about this probably the most with Taiwan and TSMC. But even in the US, you have that history of

government support nurturing the early stages of the semi-conductor industry as well.

Yeah, that's exactly right. Like it touches on all these things, technology,

competition, markets, stock market. But as you say, there is a long history in China,

now currently Taiwan, Japan, the US, of governments playing a role. And I think there's

like this sort of broader macro thing, which we talk about all the time of sort of more activist

role for government for democratically elected, elected leaders, like taking a more active role

in shaping the economy and managing the economy. And so like because of that and because of the

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