Climate change isn’t the only problem. Cocoa crops in Côte d’Ivoire and Ghana, where 60 percent of the world’s cocoa come from, may already be in “structural decline,” Debenham said, citing disease, aging cocoa trees, and illegal gold mining on farmland.

ore important, the farmers who tend to the crops can’t afford to invest in their farms to increase their yields and bolster resilience against climate change. The bleak outlook for cocoa farmers threatens to doom cocoa-growing in the region altogether. In Ghana, the average cocoa farmer is close to 50 years old. A new generation of farmers is needed to maintain the cocoa supply, but young people may just walk away from the industry.

Newer chocolate alternatives may provide more satisfying counterfeits. Win-Win isn’t the only start-up producing cocoa-free chocolate, which is similar in concept to animal-free meat. The company uses plant ingredients to emulate the flavor and texture of chocolate—as do its competitors Foreverland and Voyage Foods. Another firm, California Cultured, grows actual cacao cells in giant steel tanks.

Cocoa shortages will affect all kinds of chocolate, but mass-produced sweets may change beyond just the prices. The erratic temperatures brought about by climate change could change the flavor of beans, depending on where they are grown

Variability is a concern for commercial chocolate makers, who need to maintain consistent flavors across their products. They may counteract discrepancies among different batches of beans by combining them, then roasting them at a higher temperature,

Commercial chocolate makers may also tweak their recipes to amp up or mimic chocolate flavors without using more cocoa. These candies contain relatively little cacao to begin with; only 10 percent of a product’s weight must be cocoa in order to qualify as chocolate in the eyes of the FDA.

No matter how you look at it, the future of cocoa doesn’t look good. With less cocoa available all around, chocolate may become more expensive. For high-end chocolate brands, whose products use lots of cocoa, the recent price hikes are reportedly an existential threat.

So much of the appeal of cheap chocolate is that it’s always been there—whether in the form of a Hershey’s Kiss, Oreo cookies, a bowl of Cocoa Puffs, or the shell of a fondant-filled egg. “You grow up with those tastes. It’s hard to fathom how pervasive it has been,” Carodenuto said. Chocolate lovers have weathered minor tweaks to these candies over the years, but the shifts happening today may be less tolerable—or at the very least more noticeable. The change that has been hardest to ignore is that cheap chocolate is no longer that cheap.

Documenta was a very big moment for artists on this issue. Everyone started getting very afraid. What we’ve been experiencing is a gap between the cultural establishment and the political structures that fund the culture scene.

I have a lot of Palestinian friends. A lot of Israeli friends. A lot of

friends with an immigrant background. My whole community was just paralyzed by fear and hopelessness and this feeling of being humiliated, denigrated, dehumanized.

I have lost my faith in German media. I never had faith in German politics, but now I really have no hope for German politics. Honestly, I think what I still feel connected to are the people who tell me privately: “I agree with you, but if I say it, I lose my job.”

tern praised Joe Biden for “an extraordinarily good first term”, including the Inflation Reduction Act, which he called “far and away the most significant climate legislation ever in the US, and it’s quite powerful”.

Leaders who claimed to be grownups by saying the pace of action had to be slowed had to be honest about the alternatives, he said. Just as political leaders took swift action to prevent the spread of Covid-19 in 2020, so must they confront the consequences of slowing climate action now.

“He will try to reverse whatever he can in terms of domestic policy [on climate action],” he warned. “I don’t think anybody else is going to pull out of Paris because of Trump, but it’s highly disruptive to what can happen internationally, because the US is a very big, very important player. So [without the US] you don’t move as fast.”

Stern called for stronger demonstration from civil society of support for climate action. “What we need, broadly, is normative change, a shift in hearts and minds that demonstrates to political leaders that their political future depends on taking strong, unequivocal action to protect our world,” he said.

“Normative change may seem at first blush like a weak reed to carry into battle against the defenders of the status quo, but norms can move mountains. They are about a sense of what is right, what is acceptable, what is important, what we expect and what we demand.”

Bonobos became famous for showing that nature didn’t always have to be red in tooth and claw. “Bonobos are an icon for peace and love, the world’s ‘hippie chimps,’” Sally Coxe, a conservationist, said in 2006.

Because bonobos live in remote, swampy rainforests, it has been much more difficult to observe them in the wild than chimpanzees. More recent research has shown that bonobos live a more aggressive life than their reputation would suggest.

In a study based on thousands of hours of observations in the wild published on Friday, for example, researchers found that male bonobos commit acts of aggression nearly three times as often as male chimpanzees do.

“There is no ‘hippie ape,’”

The researchers called their idea the self-domestication hypothesis. In later years, they speculated that humans may have undergone a self-domestication of their own.

In 2012, a trio of Harvard researchers proposed that bonobos evolved much like dogs did. Less aggressive wolves were not as likely to be killed by humans, which over time led to the emergence of dogs. In a similar fashion, the researchers argued, female bonobos preferred to mate with less aggressive males, giving birth to less aggressive offspring.

As our closest living relatives, bonobos and chimpanzees can offer us clues about the roots of human behavior. We and the two species share a common ancestor that lived about 7 million years ago. About 5 million years later, bonobos split off from chimpanzees.

Dr. Mouginot soon became perplexed, as she saw that male bonobos acted aggressively on a regular basis. Unlike male chimpanzees, who started their days in a mellow mood, the male bonobos seemed to wake up ready for a fight.

She and her colleagues trained field assistants, who made more observations throughout the pandemic. The new analysis, based on 9,300 hours of observations on 12 male bonobos and 14 male chimpanzees, found that bonobos committed aggressive acts 2.8 times as frequently as than the chimpanzees did.

Dr. Mouginot found that the frequent bonobo aggressions almost always involved a single male attacking another male. Chimpanzees, in contrast, often ganged up to attack a victim.

the study set a new standard for comparing aggression in bonobos and chimpanzees.

Dr. Mouginot speculated that male chimpanzees engage in one-on-one aggression less often because it poses bigger dangers: A victim of aggression may not want to go on a border patrol with the perpetrator, for example. Or he may bring back some of his own allies to wreak vengeance.

It may be easier for male bonobos to get away with aggression, Dr. Mouginot said, because in their female-dominated society they don’t face the risks that come with male alliances. “I think that’s why we see more aggression in bonobos — because it’s less risky to act aggressively against other males,”

the apes that carried out the most aggressive acts were also the ones who mated most often.

parts of the self-domestication hypothesis “clearly need refinement.” It may be important to consider the effect that different kinds of aggression have on a species, rather than lumping them altogether, he said.

Still, he argued that the differences between the two species remained significant. “Chimpanzees murder, and bonobos don’t,

Since coming to power in 2019, Bukele has declared a still-to-be-rescinded state of exception, suspended the Salvadorean constitution, and locked up some 70,000 alleged gang members without due process.

Western critics, though, point to allegations that he has corrupted institutions by packing them with allies, not to mention, according to Amnesty International, “concealed and distorted public information, backed actions to undermine civic space, militarised public security, and used mass arrests and imprisonment as the sole strategies for counteracting violence in the country”.

yet, Bukele’s strongman tactics have made him wildly popular with Salvadoreans, who doubtless enjoy a reported 70% reduction in the country’s previously extremely high murder rate. They have also made Bukele a rock star for the online Right. This group, fond of complaining about spineless leaders, fraying Western law and order, and the bleeding-away of political agency into international institutions and NGOs, regards the spectacle of a strongman leader with good social media game as something like a fantasy made flesh.

Arguably, it’s as much his embrace of technology that accords Bukele the mantle of poster-boy for a futuristic Right. Whether in his extremely online presence, his (admittedly not completely successful) embrace of Bitcoin as legal tender, or the high-tech, recently rebuilt National Library, funded by Beijing and serving more as showcase for futuristic technologies than as reading-room

This trait also makes him a touchstone for the Right-wing movement that I predict will replace “conservatism” in the 21st century. This outlook owes more to the Italian Futurist Filippo Marinetti than conservatives of the G.K. Chesterton variety

is perhaps most visibly embodied in American technologists such as Elon Musk, Mark Andreessen or Peter Thiel. As a worldview, it is broadly pro-capitalist, enthusiastically pro-technology and unabashedly hierarchical, as well as sometimes also scornful of Christian-inflected concern for the weak.

We might call it, rudely, “space fascism”, though N.S. Lyons’s formulation “Right-wing progressivism” is probably more accurate. Among its adherents, high-tech authoritarianism is a feature, not a bug, and egalitarianism is for fools. Thinkers such as Curtis Yarvin propose an explicitly neo-monarchical model for governance; Thiel has declared that: “I no longer believe freedom and democracy are compatible.”

El Salvador is thus the most legible real-world instance of something like a Right-wing progressive programme in practice. And along with the tech enthusiasm and public-order toughness, the third distinctive feature of this programme can be gleaned: a desire not to end international migration, but to restrict it to elites.

For Right-wing progressives, polities are not necessarily premised on ethnic or cultural homogeneity — at least not for elites. Rather, this is a vision of statehood less based on affinity, history or even ethnicity, and more on a kind of opt-in, utility-maximisation model

As for those still wedded to the 20th-century idea that being Right-wing necessarily means ethnicity-based nationalism, they are likely to find this outlook bewildering.

Right-wing progressives generally accord greater political value to gifted, high-productivity foreigners than any slow-witted, unproductive coethnic: those within Right-wing progressive circles propose, and in some cases are already working on, opt-in startup cities and “network states” that would be, by definition, highly selective about membership.

As a worldview, it’s jarring to cultural conservatives, who generally value thick ties of shared history and affinity

Yet it’s still more heretical to egalitarian progressives, for whom making migration and belonging an elite privilege offends every premise of inclusion and social justice.

Right-wing progressives, by contrast, propose to learn from the immigration policies of polities such as Singapore and the Gulf states, and avert the political challenges posed by ethnic voting blocs by imposing tiered citizenship for low-skilled migrants, while courting the wealth and productivity of international elites

Bukele’s proposal suggests a pragmatic two-tier Right-wing progressive migration policy that courts rich, productive, geographically rootless international “Anywheres” of the kind long understood to have more affinity with one another than with less wealthy and more rooted “Somewheres” — but to do so while explicitly protecting cultural homogeneity on behalf of the less-mobile masses.

There are larger structural reasons for such pragmatism, not least that population growth is slowing or going into reverse across most of the planet.

At the same time, impelled by easier transportation, climate change, social-media promises of better lives elsewhere, and countless other reasons, people everywhere are on the move. As such, like a global game of musical chairs, a battle is now on for who ends up where, once the music stops — and on what terms.

How do you choose who is invited? And how do you keep unwanted demographics out? Within an egalitarian progressive framework, these are simply not questions that one may ask

Within the older, cultural conservative framework, meanwhile, all or most migration is viewed with suspicion.

The Right-wing progressive framework, by contrast, is upbeat about migration — provided it’s as discerning as possible, ideally granting rights only to elite incomers and filtering others aggressively by demographics, for example an assessment of the statistical likeliho

od of committing crime or making a net economic contribution.

In Britain, meanwhile, whatever happens to the Tories, I suspect we’ll see more of the Right-wing progressives. I find many of their policies unnerving, especially on the biotech side; but theirs is a political subculture with optimism and a story about the future, two traits that go a long way in politics.

In his review, Bernanke compared the MPC’s forecasting record with six other central banks — in the Nordic countries, New Zealand, the United States and the eurozone — and found the Bank was particularly bad at understanding dynamics in the jobs market and had consistently forecast far higher unemployment, which had not materialised. Its other errors, on forecasting future inflation and growth, put it largely in the “middle of the pack” with its peers.

Crew members like my Panamanian cabin attendant seem to work 24 hours a day. A waiter from New Delhi tells me that his contract is six months and three weeks long. After a cruise ends, he says, “in a few hours, we start again for the next cruise.” At the end of the half a year at sea, he is allowed a two-to-three-month stay at home with his family. As of 2019, the median income for crew members was somewhere in the vicinity of $20,000, according to a major business publication. Royal Caribbean would not share the current median salary for its crew members, but I am certain that it amounts to a fraction of the cost of a Royal Bling gold-plated, zirconia-studded chalice.

It is also unseemly to write about the kind of people who go on cruises. Our country does not provide the education and upbringing that allow its citizens an interior life. For the creative class to point fingers at the large, breasty gentlemen adrift in tortilla-chip-laden pools of water is to gather a sour harvest of low-hanging fruit.

“China is clearly alarmed by these developments,” said Jingdong Yuan, director of the China and Asia Security Program at the Stockholm International Peace Research Institute. “Chinese interpretations would be that the U.S. and its allies have clearly decided that China needs to be contained.”

aside from pointed words and the perfunctory maritime patrol, Beijing’s options to push back against U.S. pressure appear limited, analysts said, especially as China contends with slowing economic growth and mounting trade frictions.

Whether Mr. Biden’s strategy succeeds in deterring China in the long run remains to be seen. Nationalists in China view American alliances as fragile and subject to the whims of each U.S. presidential election. Then there’s Mr. Xi, who perceives the West to be in structural decline, and China’s ascendance as Asia’s dominant power to be inevitable.

“The Americans should not think so highly of themselves. They could not solve Afghanistan or Ukraine,” said Zheng Yongnian, an influential political scientist at the Chinese University of Hong Kong’s campus in Shenzhen. He said that China still hoped to resolve its disputes peacefully. “The reason we are not touching the Philippines is not that we are afraid of the United States.”

Beijing’s room to maneuver against Washington is limited by its struggling economy, which has been hit by a property crisis and a cratering of foreign investment. China has been increasing exports, but that has already caused friction with countries concerned about a flood of cheap Chinese goods.

The broader American pressure campaign may also be nudging China to avoid escalating tensions further. Despite its differences with the United States, China is engaging in talks between the countries’ leaders and senior officials. Relations with some neighbors, such as Australia, are slowly thawing. Analysts have noted that Beijing has also avoided escalating its military presence around Taiwan in recent months, despite the island’s election of a leader the Communist Party loathes.

“They are definitely being more cautious and demonstrating a willingness to engage,” Ja Ian Chong, an associate professor of political science at the National University of Singapore, said of Beijing. “They are realizing there are actual risks to letting frictions escalate. We just haven’t seen any substantive compromises yet.”

Even as India has expanded defense ties with the United States and doubled bilateral trade over the past decade, to about $130 billion in goods alone, it has resisted American pressure to reconsider its strong relations with Russia. India has deepened connections with Europe and the Middle East, too; trade with the United Arab Emirates alone has reached $85 billion.

India’s rise as a large, growing economy has allowed it to hold its ground — working with any partner it can benefit from — in a polarized and uncertain world.

India’s socialist founding prime minister was accommodating of Communist China, but the bonhomie was shattered by a monthlong war in 1962 that left thousands dead. The relationship began to normalize in the 1980s even as incursions continued, and open channels of communication kept tensions down and elevated trade.

The situation changed in the years before Mr. Modi took office, she said. As its economy soared, China began flexing its muscles — investing heavily in its Belt and Road infrastructure initiative, which India saw as threatening its security and spheres of influence, and moving more aggressively on its borders and in the Indian Ocean.

As prime minister, he did not allow the embarrassment of the Chinese incursion in 2014 to dampen his red-carpet welcome to Mr. Xi. His subtle message — a warning that “a little toothache can paralyze the entire body” — carried the hope that Mr. Xi would come around.

That hope ended with the deadly 2020 clash in Eastern Ladakh. Now, it is clear that New Delhi is resigned to a long-term threat from China, a shift evident in Mr. Modi’s push for road and tunnel construction in border areas to support a large troop presence.

I’ve spoken to in-house editors and publicists who are more inundated than ever, unable to give each of their titles the attention they deserve. Their submissions and workloads have increased even as marketing and editorial resources for individual titles have tapered off.

In the corporate world, output seems to be becoming more and more of a percentage game. You throw a bunch of products against the wall, see what sticks, and write off the ones (a vast majority) that don’t.

What a remarkable change it would be if corporations would allow their employees to do the best job they can with each book that the company has chosen to buy, rather than allowing them to flail

I had always thought that “discoverability” was a unique problem for books because so much browsing happens online rather than in carefully curated physical stores, but the world of streaming TV and movies has begun to catch up

What do corporate publishing and streaming have in common? They’re very often run by people who don’t engage with the products they put out.

Newsroom leaders, concerned that some Times journalists are compromising their neutrality and applying ideological purity tests to coverage decisions, are seeking to draw a line. 

Kahn noted that the organization has added a lot of digital-savvy workers who are skilled in areas like data analytics, design and product engineering but who weren’t trained in independent journalism. He also suggested that colleges aren’t preparing new hires to be tolerant of dissenting views

Last fall, Times staffers covering the war got into a heated dispute in a WhatsApp group chat over the publication’s reporting on Al-Shifa hospital in Gaza, which Israel alleged was a command-and-control center for Hamas.

Coverage of the Israel-Hamas war has become particularly fraught at the Times, with some reporters saying the Times’s work is tilting in favor of Israel and others pushing back forcefully, say people familiar with the situation. That has led to dueling charges of bias and journalistic malpractice among reporters and editors, forcing management to referee disputes.

“Just like our readers at the moment, there are really really strong passions about that issue and not that much willingness to really explore the perspectives of people who are on the other side of that divide,” Kahn said, adding that it’s hard work for staffers “to put their commitment to the journalism often ahead of their own personal views.”

International editor Philip Pan later intervened, saying the WhatsApp thread—at its worst a “tense forum where the questions and comments can feel accusatory”—should be for sharing information, not for hosting debates, according to messages reviewed by the Journal. 

While the Guild represents staffers across many major U.S. news outlets, its members also include employees from non-news advocacy organizations such as pro-Palestinian group Jewish Voice For Peace, Democratic Socialists of America and divisions of the ACLU. 

The Times isn’t the only news organization where employees have become more vocal in complaints about coverage and workplace practices. War coverage has also fueled tensions at The Wall Street Journal, with some reporters in meetings and internal chat groups complaining that coverage is skewed—either favoring Israel or Palestinians.  

The publisher of the Times, 43-year-old A.G. Sulzberger, says readers’ trust is at risk, however. Some journalists, including at the Times, are criticizing journalistic traditions like impartiality, while embracing “a different model of journalism, one guided by personal perspective and animated by personal conviction,” Sulzberger wrote in a 12,000-word essay last year in Columbia Journalism Review. 

Despite such moves, NewsGuard, an organization that rates credibility of news sites, in February reduced the Times’s score from the maximum of 100 to 87.5, saying it doesn’t have a clear enough delineation between news and opinion.

Emboldened by their show of strength on Bennet, employees would flex their muscles again on multiple occasions, pushing to oust colleagues they felt had engaged in journalistic or workplace misconduct. 

One thing Powell noticed, he said, was that coverage that challenged popular political and cultural beliefs was being neglected. Powell’s work includes a story on MIT’s canceling of a lecture by an academic who had criticized affirmative action, and another examining whether the ACLU is more willing to defend the First Amendment rights of progressives than far-right groups.

Kahn, who succeeded Baquet as executive editor in June 2022, and Opinion Editor Kathleen Kingsbury said in a letter to staff that they wouldn’t tolerate participation by Times journalists in protests or attacks on colleagues.

Divisions have formed in the newsroom over the role of the union that represents Times staffers, the NewsGuild-CWA. Some staffers say it has inappropriately inserted itself into debates with management, including over coverage of the trans community and the war. 

“Young adults who are coming up through the education system are less accustomed to this sort of open debate, this sort of robust exchange of views around issues they feel strongly about than may have been the case in the past,” he said, adding that the onus is on the Times to instill values like independence in its employees.

When Times staffers logged on to a union virtual meeting last fall to discuss whether to call for a cease-fire in Gaza, some attendees from other organizations had virtual backgrounds displaying Palestinian flags. The meeting, where a variety of members were given around two minutes to share their views on the matter, felt like the kind of rally the Times’ policy prohibits, according to attendees. 

In January, Sulzberger shared his thoughts on covering Trump during a visit to the Washington bureau. It was imperative to keep Trump coverage emotion-free, he told staffers, according to people who attended. He referenced the Times story, “Why a Second Trump Presidency May Be More Radical Than His First,” by Charlie Savage, Jonathan Swan and Maggie Haberman, as a good example of fact-based and fair coverage. 

it’s not a stretch to interpret the film as a premonition of how a seething, entropic country could collapse under the weight of Donald Trump’s return.

In America, you need less signposting on the route from our uneasy present to an imagined implosion. The movie’s refugee camps don’t look all that different from the tent encampments in many American cities. The paramilitary guy, in his fatigues and goofy red sunglasses, could easily be a Boogaloo Boi or an Oath Keeper. The culminating battle in the capital is a more intense version of scenes we witnessed on Jan. 6.

Early in the movie Lee says, “Every time I survived a war zone and got the photo, I thought I was sending a warning home: Don’t do this.” “Civil War” works as a similar sort of warning. It’s close enough to where America is right now that we don’t need Garland to fill in all the blanks.

“I could not have done it sooner,” he says. “I don’t think anybody could have done it sooner. Because I was the first one.” 

By the late 1960s, he was managing TI’s integrated-circuit division. Before long, he was running the entire semiconductor group. 

He transferred to the Massachusetts Institute of Technology, where he studied mechanical engineering, earned his master’s degree and would have stayed for his Ph.D. if he hadn’t failed the qualifying exam. Instead, he got his first job in semiconductors and moved to Texas Instruments in 1958

he came along as the integrated circuit was being invented, and his timing couldn’t have been any better, as Chang belonged to the first generation of semiconductor geeks. He developed a reputation as a tenacious manager who could wring every possible improvement out of production lines, which put his career on the fast track.

Chang grew up dreaming of being a writer—a novelist, maybe a journalist—and he planned to major in English literature at Harvard University. But after his freshman year, he decided that what he actually wanted was a good job

“They talk about life-work balance,” he says. “That’s a term I didn’t even know when I was their age. Work-life balance. When I was their age, if there was no work, there was no life.” 

These days, TSMC is investing $40 billion to build plants in Arizona, but the project has been stymied by delays, setbacks and labor shortages, and Chang told me that some of TSMC’s young employees in the U.S. have attitudes toward work that he struggles to understand. 

Chang says he wouldn’t have taken the risk of moving to Taiwan if he weren’t financially secure. In fact, he didn’t take that same risk the first time he could have.

“The closer the industry match,” they wrote, “the greater the success rate.” 

By then, Chang knew that he wasn’t long for Texas Instruments. But his stock options hadn’t vested, so he turned down the invitation to Taiwan. “I was not financially secure yet,” he says. “I was never after great wealth. I was only after financial security.” For this corporate executive in the middle of the 1980s, financial security equated to $200,000 a year. “After tax, of course,” he says. 

Chang’s situation had changed by the time Li called again three years later. He’d exercised a few million dollars of stock options and bought tax-exempt municipal bonds that paid enough for him to be financially secure by his living standards. Once he’d achieved that goal, he was ready to pursue another one. 

“There was no certainty at all that Taiwan would give me the chance to build a great semiconductor company, but the possibility existed, and it was the only possibility for me,” Chang says. “That’s why I went to Taiwan.” 

Not long ago, a team of economists investigated whether older entrepreneurs are more successful than younger ones. By scrutinizing Census Bureau records and freshly available Internal Revenue Service data, they were able to identify 2.7 million founders in the U.S. who started companies between 2007 and 2014. Then they looked at their ages.

The average age of those entrepreneurs at the founding of their companies was 41.9. For the fastest-growing companies, that number was 45. The economists also determined that 50-year-old founders were almost twice as likely to achieve major success as 30-year-old founders, while the founders with the lowest chance of success were the ones in their early 20s

“Successful entrepreneurs are middle-aged, not young,” they wrote in their 2020 paper.  

Silicon Valley’s venture capitalists throw money at talented young entrepreneurs in the hopes they will start the next trillion-dollar company. They have plentiful energy, insatiable ambition and the vision to peek around corners and see the future. What they don’t typically have are mortgages, family obligations and other adult responsibilities to distract them or diminish their appetite for risk. Chang himself says that younger people are more innovative when it comes to science and technical subjects. 

But in business, older is better. Entrepreneurs in their 40s and 50s may not have the exuberance to believe they will change the world, but they have the experience to know how they actually can. Some need years of specialized training before they can start a company. In biotechnology, for example, founders are more likely to be college professors than college dropouts. Others require the lessons and connections they accumulate over the course of their careers. 

one more finding from their study of U.S. companies that helps explain the success of a chip maker in Taiwan. It was that prior employment in the area of their startups—both the general sector and specific industry—predicted “a vastly higher probability” of success.

Chang was such a workaholic that he made sales calls on his honeymoon and had no patience for those who didn’t share his drive

Morris Chang had 30 years of experience in his industry when he decided to uproot his life and move to another continent. He knew more about semiconductors than just about anyone on earth—and certainly more than anyone in Taiwan. As soon as he started his job at the Industrial Technology Research Institute, Chang was summoned to K.T. Li’s office and given a second job. “He felt I should start a semiconductor company in Taiwan,”

“I decided right away that this could not be the kind of great company that I wanted to build at either Texas Instruments or General Instrument,”

TI handled every part of chip production, but what worked in Texas would not translate to Taiwan. The only way that he could build a great company in his new home was to make a new sort of company altogether, one with a business model that would exploit the country’s strengths and mitigate its many weaknesses.

Chang determined that Taiwan had precisely one strength in the chip supply chain. The research firm that he was now running had been experimenting with semiconductors for the previous 10 years. When he studied that decade of data, Chang was pleasantly surprised by Taiwan’s yields, the percentage of working chips on silicon wafers. They were almost twice as high in Taiwan as they were in the U.S., he said. 

“People were ingrained in thinking the secret sauce of a successful semiconductor company was in the wafer fab,” Campbell told me. “The transition to the fabless semiconductor model was actually pretty obvious when you thought about it. But it was so against the prevailing wisdom that many people didn’t think about it.” 

Taiwan’s government took a 48% stake, with the rest of the funding coming from the Dutch electronics giant Philips and Taiwan’s private sector, but Chang was the driving force behind the company. The insight to build TSMC around such an unconventional business model was born from his experience, contacts and expertise. He understood his industry deeply enough to disrupt it. 

“TSMC was a business-model innovation,” Chang says. “For innovations of that kind, I think people of a more advanced age are perhaps even more capable than people of a younger age.”

the personal philosophy that he’d developed over the course of his long career. “To be a partner to our customers,” he says. That founding principle from 1987 is the bedrock of the foundry business to this day, as TSMC says the key to its success has always been enabling the success of its customers.  

TSMC manufactures chips in iPhones, iPads and Mac computers for Apple, which manufactures a quarter of TSMC’s net revenue. Nvidia is often called a chip maker, which is curious, because it doesn’t make chips. TSMC does. 

Churning out identical copies of a single chip for an iPhone requires one TSMC fab to produce more than a quintillion transistors—that is, one million trillions—every few months. In a year, the entire semiconductor industry produces “more transistors than the combined quantity of all goods produced by all other companies, in all other industries, in all human history,” Miller writes. 

I asked how he thought about success when he moved to Taiwan. “The highest degree of success in 1985, according to me, was to build a great company. A lower degree of success was at least to do something that I liked to do and I wanted to do,” he says. “I happened to achieve the highest degree of success that I had in mind.”