 So the chip industry is super important, Biden, together with significant Republican support passed a legislation called the CHIP Act, which involves massive subsidies for chip companies to build chips in this country in the United States. A number of companies are in the process of building those chips, so that's one side of kind of the chip issue. The other is there's a concerted effort to restrict sophisticated chips, high-end chips from China. So chips that can be used in military projects, chips that are the state of the art, the latest state of the art, there's now a boycott, a boycott of selling those chips to Russia. It's a boycott that not only the United States is participating in, but so is many of the European countries, particularly the Netherlands, where ASML, the chip products, the chip equipment manufacturing is produced, and Japan in South Korea. So there is a real restriction. China is really being squeezed in terms of high-end chips. So a number of things going on. One, yeah, you can see China is really hooding. China has its electronics industry is in decline. In terms of military uses, they are having to use older design chips, chips that are far less sophisticated than the latest. Chips, they also engaged massively in trying to smuggle chips into China. So there is a significant effort by the Chinese government and by Chinese businesses and by Chinese crime syndicates to try to steal chips, sophisticated, the most sophisticated chips and get them into China. You can get a lot of money for the highest best chips right now in China. At the same time, China is pouring doodles of money, huge quantities of money into its own chip manufacturing plants. They're producing lots of chips, not the high-end chips because they can't, but they're producing a lot of the medium to low-end chips. Huge amounts of investment. They're also trying to invest in trying to mimic the West's ability to produce the high-end chips. So they're trying to create their own ASML in terms of chip manufacturers. This is China's number one industrial strategic goal is to try to create a domestic chip industry to compete with the West. Unlikely to be successful, I have to say, the sophistication, the kind of supply chain that you would have to put together, the kind of expertise that you would have to get put together, very unlikely to do it within one country, even a country as big and with as much talent as China has. It's going to take them a decade or two to catch up. And by the time they catch up, there'll be a decade or two behind. They cannot build. They cannot copy. They cannot copy because they cannot build equipment to copy. The reality is, I've talked about this in the past, to make the kind of ultra UV light equipment that ASML makes, you have to have the best mirrors in the world. The best mirrors in the world are made in Germany, and those German companies are not selling them to China. And there's just nobody in the world right now who can make that quality mirror other than those companies in Germany. For China to build a mirror industry that can match the mirror industry that Germany has been, German companies have been refining for 100 years will take them a long time. Lasers, the leading laser companies in the world in California, US based, China just doesn't have that technology. They would have to copy us in laser technology. It's going to take them years, if not decades, to catch up on laser technology. Of course, those are years and decades in which companies in the United States improve their own processes. Companies in Germany make even better mirrors. ASML is working on the next generation of ultra UV lighting that's going to take the chips another decade into the future, several decades into the future. So China just can't catch up. So that's one point. Second point is Biden is traveling around the country pitching his Biden economics, Biden economics, we're building manufacturing. And I showed you that, yeah, it's working in the sense that there's a ton of building of manufacturing plants going on in the United States. Almost all of them being subsidized in one way or another by the federal government. The problem is that when it comes to chips, these are all relatively trivial. And it's not clear that any of these factories will actually open. It's not clear that these factories will actually produce the full capacity. There's still problems of labor and costs and everything else that is associated, the lack of labor that's associated with building these things in the United States. On the other hand, there is significant chip development and chip manufacturing going on and new plants and new projects being done in Europe. There are substantial new projects being done in Japan and in South Korea. The United States is never going to become a chip manufacturing powerhouse. It's where most chips are designed. It's where the software to design chips is produced. But the tools to make chips, Japan and the Netherlands. The actual chip production, South Korea, Taiwan, and maybe to some extent Japan, European Union and the US. But this idea that the government throwing a few tens of billions of dollars to Intel and to some other countries, other companies is going to suddenly create a renaissance in chip production in the United States. It's just in happening, right? I mean, even Intel, while it's investing 20 billion in Arizona and 2 billion in Ohio, it's also investing 30 billion in a new wafer facilities in Germany. It's putting an assembly plant in Poland and it's spending 4.6 billion there. And I didn't know this, but this is quite stunning. Intel is investing 25 billion dollars more than they're investing in the US, in Israel. Which is more than Intel has invested in Israel since it started investing in Israel. So it's entire history of investing in Israel. I don't know if you know, but I was the construction manager on Intel's first clean room on its headquarters in Israel in the 1980s. We built the first Intel facility in Israel where they had a clean room. We built that building still standing outside of Haifa in Israel. And it's been investing in Israel since 1974 and it's going to be investing 25 billion dollars in the next few years in Israel. So as much as these companies are investing in the US, it's peanuts. And you know, manufacturing is not coming back even if you pour subsidies into it. It doesn't make sense to be here, partially because we don't have the labor force. Particularly if we don't reform our immigration system, we're not going to have the labor force to be able to do it.