European Technology firms also fucked this up really hard. Philipps created ASML, NXP and had a founding 25% share in TSMC, but managed to win nothing from it. Due to Philipps short-sighted management none of these great wins in the semiconductor industry benefited the company at all and all three firms are now completly spum out and worth way more than Philipps. The TSMC share alone is now worth much more than Philipps Market Cap.

Na you have large population centers where a lot of alarm clocks go off at exactly 7am. The same people fall asleep over a longer interval of time the night before.