Yeah, I'm not sure if "no moat" analogy stands for chip manufacturing. Even if foundries acquire lithographic nodes, the procedures (temperature, duration, etc)

Yeah, I'm not sure if "no moat" analogy stands for chip manufacturing. Even if foundries acquire lithographic nodes, the procedures (temperature, duration, etc) are for them to figure out and are usually kept secret. This secret could be the "moat" that differentiates each foundry's operational capabilities.