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I don't think that would work. Even if they open their IP. Who would like to put billions of money into fabs for a maybe 2-3 years of shortage? How to guarantee this would success? How to cover the cost after shortage?

There are plenty of crucial industries. Lots of them are in US, Europe, and Japan. Would they open their IP? No. The only way to break that situation is starting the war commercially or physically just like how US bullied Japan in 80s and China right now.