The US is safer bet for wafer fabs in my opinion since they involve huge capital investments, are mostly automated, and need a few PhD EE's and IE's and a specially trained crew of tool maintenance technicians (perhaps trained by the tool vendors or even managed by tool vendors). Moving inland from the two coasts has proven safer and cheaper.
And the smart money will invest in US for fabs, and Asia for final manufacturing and test, as in the 80's. Fab Automation makes that best mix in my opinion seeing that chips are tiny things that can be shipped anywhere, but $10billion fabs are safer here that in many locales (as is the IP involved in the design-process integration).
Yes, companies will put their manufacturing where they can get the best return for the investment. As long as the corporate tax is higher in Europe, Asia will continue to grow as the manufacturing center of the world.