Imagine if all the FAANG companies (and equivalent) created a consortium and collectively funded the development of an American-made EUV machine and corresponding 5mm chip-production facility in order to compete with TSMC

Eh, don't think any single company has the ability to build the full chip stack ($40bn+). Don't think it was a decision as much as their hand was forced

Interesting though experiment. 

Do you we will view the decision to go fabless for many American chip companies as a mistake 5-10 years from now?

that would be dope

however reading Chip War, what i didn’t realize was how the supply chain globalization was allowed and encouraged in order to bind Asia to an America-centric economic paradigm based on chip creation

i’m not sure it could even be untangled now

No American supply chain should be reliant on foreign supplies and conditions, simply bad for national security