[zsmi]

The problem is, if the feedback signal is too slow in getting back to the thing which measure error (i.e. too much phase lag), then negative feedback can turn into positive feedback and this leads to an instability.

One of the most complex pieces of the semiconductor fab is the building itself. Even with plans and permits in hand, it takes years to make one that can output at reason throughput and yield.

This report is from 1999 and it hasn't gotten easier.

https://www.imia.com/wp-content/uploads/2013/05/Construction...

"Typically the product life of a semiconductor chip (nine to 12 months) is less than the time required to construct the facility and install the equipment for manufacturing (24 to 36 months). As such, the construction/commissioning process is a rapid, constantly overlapping and complex set of events. In addition, construction of semiconductor facilities is very complex and costly (about USD 1.2 to 1.5 billion) due to the extraordinarily sophisticated processes and equipment required to manufacture semiconductor chips."

[CamperBob2]

"Typically the product life of a semiconductor chip (nine to 12 months) is less than the time required to construct the facility and install the equipment for manufacturing (24 to 36 months).

That's an absurd underestimate of market lifetime. I'd bet that fully 80% of the chips available in 1999 when that report was written are still in production today (or would be, if not for the crunch.)

[a9h74j]

Yes, and same situation in every mining-related commodity market. Multiple time delays of order several years. Large up-front investments. Large uncertainties in payoff. Look at the multi-year price behaviors in those markets and see too if there is much stability.