TSMC is a Taiwanese company. The world can ensure the supply of its semiconductors by ensuring Taiwan has access to weapons and guarantees of military assistance in case the CCP's benevolence wavers.
Nazi Germany attempted to take tiny Malta from the Britsh for two years and failed.
The Japanese held many untenable defensive positions in the Pacific for months.
Unless China is willing to nuke Taiwan, (what would be the point?) a military offensive to take over Taiwan would be extremely unlikely to succeed within a few months - and assuming the US/Australia/UK/Japan/South Korea provide support - almost impossible.
Doing any kind of amphibious landing offensive is incredibly costly and difficult.
China's best hope would be that Joe Biden is under CCP control.
And, uh, based on the diplomatic recognition situation it's pretty clear that Teh World has considered your suggestion and very explicitly rejected it.