A visit to the most important company in the world

News Snapshot:

HSINCHU, Taiwan — “If China takes Taiwan, they will turn the world off, potentially,” Donald Trump told Fox News recently, apparently referring to a potential seizure of one company that is central to, well, pretty much everything. Indeed, it’s arguably the most important company in the world. The company Trump alluded to, Taiwan Semiconductor Manufacturing Co., or TSMC, is the only corporation I can think of in history that could cause a global depression if it were forced to halt production. These days it seems impossible to have a conversation about geopolitics or economics without coming back to TSMC, which...