Japan Allocates Over $900M More to Chip Startup Rapidus

The size of a second state grant signals that Tokyo treats advanced logic manufacturing as a strategic capability rather than a commercial bet, and it puts public money behind a startup with no track record at scale. That matters for the broader RWA and tokenization conversation mainly as a reminder that semiconductor supply chains remain the least tokenizable, most policy-driven layer of the tech stack. The open question is whether continued state funding translates into commercial output, or entrenches a subsidy-dependent model that private capital is unwilling to underwrite alone.