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My layman’s understanding is that manufacturing like this needs to be run constantly due to the cost associated with the production. Apple would have to sell their stuff to competitors at that point to have the foray make sense. Current manufacturers can make things for lots of different companies so they can ensure their line is always fulfilling an order. I’m not sure if Apple would want to do that.
In the current climate, it would be a very worthwhile investment. Apple could easily afford it.
The difference is no one expects the current climate to hold. No manufacturers are investing in new fabs because they expect this bubble to burst sooner than later.