Morris Chang wasn’t about to give up dominance of the foundry business, though. He’d lived through every industry cycle since his old colleague Jack Kilby invented the integrated circuit. He was sure this downturn would eventually end, too. Companies that were overextended would be pushed out of business, leaving those that invested during the downturn positioned to grab market share. Moreover, Chang realized as early as anyone how smartphones would transform computing—and therefore how they would change the chip industry, too. The media focused on young tech tycoons like Facebook’s Mark
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