介绍： All-American silicon：DonaldTrump’s fantasy of home-grown chipmaking
To remain the world’s foremost technological power, America needs its friends.
要保持全球首要科技强国地位，美国需借助盟友之力。
How low mighty Intel has fallen. Half a century ago the American chipmaker was a byword for the cutting edge; i...

介绍： All-American silicon：DonaldTrump’s fantasy of home-grown chipmaking
To remain the world’s foremost technological power, America needs its friends.
要保持全球首要科技强国地位，美国需借助盟友之力。
How low mighty Intel has fallen. Half a century ago the American chipmaker was a byword for the cutting edge; it went on to dominate the market for personal-computer chips and in 2000 briefly became the world’s second-most-valuable company. Yet these days Intel, with a market capitalisation of $100bn, is not even the 15th-most-valuable chip firm, and supplies practically none of the advanced chips used for artificial intelligence (AI). Once an icon of America’s technological and commercial prowess, it has lately been a target for subsidies and protection. As we published this, President Donald Trump was even mulling quasi-nationalisation.
byword /ˈbaɪwɜːrd/ n. 代名词，典范
cutting edge n. 尖端，前沿
prowess /ˈpraʊəs/ n. 高超技艺
quasi-nationalisation n. 准国有化
英特尔的没落令人唏嘘。半个世纪前，这家美国芯片制造商是前沿科技的代名词；它一度主导个人电脑芯片市场，2000年还短暂成为全球市值第二高的公司。然而如今，英特尔市值仅1000亿美元，在芯片企业市值排名中连前15都进不去，也几乎不生产用于人工智能（AI）的先进芯片。它曾是美国科技与商业实力的标志，如今却成了补贴和保护的对象。在本文刊发时，唐纳德·特朗普总统甚至在考虑对其搞准国有化。
More than ever, semiconductors hold the key to the 21st century. They are increasingly critical for defence; in the AI race between America and China, they could spell the difference between victory and defeat. Even free-traders acknowledge their strategic importance, and worry about the world’s reliance for cutting-edge chips on TSMC. Yet chips also pose a fiendish test for proponents of industrial policy. Their manufacture is a marvel of specialisation, complexity and globalisation. Under those conditions, intervening in markets is prone to fail—as Intel so vividly illustrates.
fiendish /ˈfiːndɪʃ/ adj. 棘手的 intervene /ˌɪntərˈviːn/ v. 干预，介入
半导体对21世纪的重要性前所未有的高。它们在国防领域愈发关键；在中美人工智能竞赛中，半导体可能成为胜负手。即便自由贸易支持者，也认可其战略价值，且担忧全球对台积电（TSMC）尖端芯片的依赖。然而，芯片制造也给产业政策支持者出了道难题。芯片制造是专业化、复杂性与全球化的奇迹。在这种情况下，干预市场往往会失败——英特尔的例子就很生动地说明了这点。
To see how much can go wrong, consider its woes. Hubris caused the firm to miss both the smartphone and the AI waves, losing out to firms such as Arm, Nvidia and TSMC. Joe Biden’s CHIPS Act, which aimed to spur domestic chipmaking, promised Intel $8bn in grants and up to $12bn in loans. But the company is floundering. A fab in Ohio meant to open this year is now expected to begin operations in the early 2030s. Intel is heavily indebted and generates barely enough cash to keep itself afloat.
woe /woʊ/ n. 困境，苦恼 hubris /ˈhjuːbrɪs/ n. 傲慢，自大 flounder /ˈflaʊndər/ v. 挣扎 fab /fæb/ n. 晶圆厂
keep afloat /kiːp əˈfloʊt/ 维持运营
要明白情况能有多糟，看看它的困境就知道了。傲慢让英特尔错失智能手机和人工智能浪潮，输给了安谋（Arm）、英伟达（Nvidia）和台积电等企业。乔·拜登推出的《芯片法案》（CHIPS Act）旨在刺激本土芯片制造，承诺给英特尔80亿美元赠款和至多120亿美元贷款。但该公司仍举步维艰。原本计划今年投产的俄亥俄州晶圆厂，现在预计要到21世纪30年代初才会运营。英特尔债务沉重，现金流仅够勉强维持运营。
The sums needed to rescue it keep growing. By one estimate Intel will need to invest more than $50bn in the next few years if it is to succeed at making leading-edge chips. Even if the government were to sink that much into the firm, it would have no guarantee of success. The company is said to be struggling with its latest manufacturing process. Its sales are falling and its plight risks becoming even more desperate.
plight /plaɪt/ n. 困境
拯救它所需的资金持续攀升。据估算，若英特尔想成功制造尖端芯片，未来几年需投资超500亿美元。即便政府投入这么多，也无法保证成功。据称，该公司在最新制造工艺上遇到难题。其销售额不断下滑，困境恐愈发严峻。
The Biden administration failed with Intel, but Mr Trump could make things worse. He has threatened tariffs on chip imports, and may try to browbeat firms such as Nvidia into using Intel to make semiconductors for them. These measures might buy Intel time but they would be self-defeating for America. Chipmaking is not an end in itself but a critical input America’s tech sector requires to be world-beating. Forcing firms to settle for anything less than the best would blunt their edge.
browbeat /ˈbraʊbiːt/ v. 威逼 self-defeating adj. 自食其果的 blunt v. 使迟钝，削弱
拜登政府在英特尔问题上已受挫，而特朗普可能让情况更糟。他威胁对芯片进口加征关税，还可能试图胁迫英伟达等企业，让它们用英特尔生产半导体。这些措施或许能给英特尔争取时间，但对美国而言是搬起石头砸自己的脚。芯片制造本身不是目的，而是美国科技行业称雄全球所需的关键基础。强迫企业接受非最优选择，会削弱它们的竞争力。
What should America do? One lesson is not to pin the nation’s hopes on keeping Intel intact. It could sell its fab business to a deep-pocketed investor, such as SoftBank, which has reportedly expressed interest in buying it and this week announced a $2bn investment in Intel. Or it could sell its design arm and pour the proceeds into manufacturing. Intel may fail to catch up with TSMC even then. Either way, the federal government should not throw good money after bad. Taking a stake in Intel would only complicate matters.
pin...on 把……寄托于，依赖 intact adj. 完整的，未受损的 deep-pocketed adj. 财力雄厚的
throw good money after bad 让钱打水漂 complicatev.  使复杂化
美国该怎么做？教训之一是，别把国家希望寄托在维持英特尔现状上。它可以把晶圆厂业务卖给软银（SoftBank）等财力雄厚的投资者——据悉软银有意收购，且本周宣布向英特尔投资20亿美元。或者，它可以卖掉设计部门，把所得投入制造业务。即便如此，英特尔也可能追不上台积电。不管怎样，联邦政府不应再往无底洞里砸钱。入股英特尔只会让事情更复杂。
That leads to a second lesson: to look beyond Intel and solve other chipmakers’ problems. TSMC is seeking to spread its wings. It is running out of land for giant fabs and its workforce is ageing. It has already pledged to invest $165bn to bring chipmaking to America. A first fab is producing four-nanometre (nm) chips and a second is scheduled to begin making more advanced chips by 2028. Samsung, a South Korean chipmaker that is having more success than Intel, is setting up a fab in Texas. But progress has been slow: Samsung and TSMC have both struggled with a lack of skilled workers and delays in receiving permits.
pledge /pledʒ/ v.  承诺，保证
这引出第二个教训：别盯着英特尔，要解决其他芯片制造商的问题。台积电正谋求扩张。其在台湾地区建大型晶圆厂的土地快不够了，且员工队伍老龄化。它已承诺投资1650亿美元，把芯片制造业务拓展到美国。第一座晶圆厂已在生产4纳米芯片，第二座计划到2028年开始生产更先进芯片。韩国芯片制造商三星（Samsung）比英特尔成功，也在得克萨斯州建晶圆厂。但进展缓慢：三星和台积电都受困于技术工人短缺，以及审批延迟。
The last lesson is that, even if domestic chipmaking does make America more resilient, the country cannot shut itself off from the rest of the world. One reason is that the supply chain is highly specialised, with key inputs coming from across the globe, including extreme-ultraviolet lithography machines from the Netherlands and chipmaking tools from Japan. The other is that Taiwan region and its security will remain critical. Even by the end of this decade, when TSMC’s third fab in America is due to begin producing 2nm chips, two-thirds of such semiconductors are likely to be made on the island. TSMC’s model is based on innovating at home first, before spreading its advances around the world.
resilient /rɪˈzɪliənt/ adj. 有韧性的 lithography /lɪˈθɑːɡrəfi/ n. 光刻 extreme-ultraviolet lithography machines 极紫外光刻机
最后一个教训是，即便本土芯片制造能增强美国韧性，该国也无法与世界隔绝。一方面，供应链高度专业化，关键投入来自全球，比如荷兰的极紫外光刻机、日本的芯片制造工具。另一方面，台湾地区的安全至关重要。即便到本十年末，台积电美国第三座晶圆厂开始生产2纳米芯片时，这类半导体仍可能有三分之二在台湾地区制造。台积电的模式是先在本土创新，再向全球推广成果。
To keep America’s chip supply chains resilient, Mr Trump needs a coherent, thought-through strategy—a tall order for a man who governs by impulse. No wonder he is going in the wrong direction. On Taiwan region he has been cavalier, confident that cross-strait peace will be maintained, while failing to offer the island region consistent support. His tariffs on all manner of inputs will raise the costs of manufacturing in America; promised duties on chip imports will hurt American customers. He thrives on uncertainty, but chipmakers require stability.
coherent /koʊˈhɪrənt/ adj. 连贯的 thought-through adj. 经过深思熟虑 tall order 艰巨的任务 cavalier /ˌkævəˈlɪr/ adj. 漫不经心的
要维持美国芯片供应链韧性，特朗普需要一套连贯、深思熟虑的战略——对一个凭冲动执政的人而言，这难度很大。难怪他在走错路。在台湾地区问题上，他态度轻率，盲目自信两岸会维持和平，却没能给台湾地区持续支持。他对各类投入加征关税，会抬高美国制造业成本；承诺对芯片进口加税，会伤害美国消费者。他靠不确定性牟利，但芯片制造商需要稳定环境。
A sensible chip policy would make it attractive to build fabs in America by easing rules over permits and creating programmes to train engineers. Instead of using tariffs as leverage, the government should welcome the imports of machinery and people that support chipmaking. Given the bipartisan consensus on the importance of semiconductors, the administration should seek a policy that has Democratic support—with the promise of continuity from one president to the next.
economic nationalist 经济民族主义者 bipartisan /ˌbaɪˈpɑːrtəzn/ adj. 两党的
合理的芯片政策应通过放宽审批规则、推出工程师培训项目，让在美国建晶圆厂更具吸引力。政府不应把关税当筹码，而应欢迎支持芯片制造的设备和人才进口。鉴于两党都认可半导体的重要性，政府应寻求民主党支持的政策——并承诺政策能在总统更替后延续。
Economic nationalists should also see the progress of chipmakers in allied countries as a contribution to America’s security. Samsung is aiming to start producing 2nm chips in South Korea later this year. Rapidus, a well-funded chipmaking startup in Japan, is making impressive progress. Both countries have a tradition of manufacturing excellence, and may have a better shot at emulating Taiwan region.
emulate /ˈemjuleɪt/ v. 模仿
经济民族主义者也应把盟友国家芯片制造商的进步，视为对美国安全的贡献。三星计划今年晚些时候在韩国开始生产2纳米芯片。日本资金充足的芯片制造初创企业“ Rapidus” 进展显著。这两个国家都有卓越制造传统，或许更有希望效仿台湾地区。
The chipmaking industry took decades to evolve. It is built for an age of globalisation. When economic nationalists build their policies on autarky, they are setting themselves a needlessly hard task—if not an impossible one.
autarky /ˈɔːtɑːrki/ n. 自给自足
芯片制造行业历经数十年发展演变，是为全球化时代打造的。当经济民族主义者把政策建立在自给自足基础上时，他们给自己设定了一个不必要的艰巨任务——甚至可能是不可能完成的任务。