$TSLA Our earnings note available on the Bloomberg Terminal now. DS/Cestrian or ASKB/Cestrian. Extract: "Terafab is best viewed, I think, as another leg to the US industrial policy currently propelling Intel’s fabrication business forward. In an increasingly fractious world, reshoring semiconductor manufacturing back to the US is - correctly in my view - held to be a major priority for the country as a whole. Intel can’t get to sufficient capacity itself quickly enough; TSMC-owned fabs in the US are at risk of any China incursion into Taiwan; that means there is a breach and Terafab is stepping into it. This is a decade-plus cycle opportunity, nothing in semiconductor manufacturing happens quickly".