The chip supply chain explained: who controls it and where the UK fits

In the three months to June 2026, Taiwan Semiconductor Manufacturing Company had revenue of US$40.2 billion and kept more than half of it as profit. TSMC’s second-quarter results show net income up 77% on a year earlier and a gross margin of 67.7%, which is unusual for a business that makes physical products in factories. Almost a third of its wafer revenue came from a single 3-nanometre process. Most of…