The global economy has changed immensely over the past 40 years. Companies have been able to lower costs and improve productivity by finding the cheapest materials and production sites as well as the cheapest workers anywhere in the world and efficiently stringing the production lines together around the globe.This system is designed for low production costs and fast time to market.

However, during the Covid companies realized that this efficiency is achieved by compromising resiliency b/c when one country is locked down, the whole production takes a big hit. So now they don't want to do just in time inventory nor do they want to be reliant on a single source. Redundancy increases yours costs exponentially.

Furthermore, what was once a logistical issue, has turned into a geopolitical issue. So now not only we want to onshore TSM's fabs, we also want to bar TSM from building fabs in China. Well, the Chinese (and Russians) are not going bend over and take it. Wars are highly inflationary and wasteful - regardless of whether they are hot or cold.

This is why the secular bull market has ended.