I thought this article by the Center for European Policy Analysis (CEPA) was interesting. The title is "'Messy' US Chip Fab Outperforms Japan’s Textbook Model" and it includes this paragraph:

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Yet a year into production, a startling reality has emerged: The “messy” American venture is turning out to be a financial success, while the “perfect” Japanese project is struggling to stay afloat. In 2025, TSMC Arizona posted over $500 million in profit; during the same period, the Japanese operation racked up more than $300 million in losses. Industrial policy can build a factory, but it cannot manufacture demand, and the US factory picked the chips customers prized, while the Japanese factory did not.
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I'm not quite sure what to make of the comparison between Arizona and Kumamoto but I think it's interesting to note that in the extremely capital intensive world of chip fabs, TSMC in Kumamoto has yet to turn a profit -- this despite huge governmental support. It will be interesting to see how this develops in the future.

https://cepa.org/article/messy-us-chip-fab-outperforms-japans-textbook-model/