Can you still call it crony capitalism if the crony is a foreign company? 

TSMC Scores Subsidies and Picks Site for $12 Billion U.S. Plant

That's from a Bloomberg article earlier this week. 

"Subsidies will be a key factor in TSMC’s decision to set up a fab in the U.S.,” he said. “We are still talking to the U.S. government. Our request is that the state and federal governments together make up for the cost gap between the U.S. and Taiwan."

Well, sure, if you can get the government to foot part most of the bill for building your new semiconductor fab - and they ask for nothing in return - then why not? 

TSMC has set aside land adjacent to its selected plot and hopes to convince its own suppliers to set up operations in the vicinity over time, Liu added.

How much you want to bet those suppliers will need subsidies too? 

Politicians are already working on more subsidies for the industry:

U.S. Lawmakers Propose $25 Billion to Help Chip Industry

The bill apparently has sponsors from both parties but Republicans seem to be leading the charge. 

The effort would support companies building plants in the U.S. and buying chipmaking equipment, while sponsoring research and development into “cutting edge semiconductor” production, according to information provided by the office of Representative Michael McCaul, a Texas Republican.

I sure am glad that Rep. McCaul is on the case because no one knows more about cutting edge semiconductor production than a lawyer. Based on TSMC getting $12 billion for one plant, I'd expect to see that $25 billion grow before the bill passes. 

Is there no political party that supports capitalism anymore?

Where does this stop? What semiconductor companies will get subsidies and which ones won't? Will the subsidies only be for plants that produce chips considered critical to national security? What is the process for determining which chips qualify? 

We have a very profitable semiconductor industry with high returns on equity and high operating margins. How long will that last with politicians managing their investments?