Hi Jordan, as usual, an excellent edition.

My takeaways on China's semiconductor industry are slightly different. Had written about it here: https://www.scmp.com/tech/article/3109569/chinas-semiconductor-gold-rush-reality-check

TL;DR - China's own arrogant international conduct that has resulted in significant geopolitical barriers for its fledgeling semiconductor industry. The impact across the supply chain will vary. China's prospects in IC design are blocked by US' control of EDA tools; manufacturing prospects can be constrained by lack of access to EUV, and by Japanese dominance over photoresists, wafers, and etching gas. The key point is that if US-China relations continue to be confrontational, China's semiconductor industry will be forced to play an expensive catch-up game.

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