This is obviously a matter of national security for China, and being a planned economy sitting on trillions in reserves, I imagine that means they'll get to where they want to be on semiconductors.

USA, on the other hand, is going to fall behind quite rapidly now. The attempts to onshore semiconductor manufacturing are not going well, the only way they could manage this is if they moved entire Taiwan factories along with all their workers to specially-built Taiwanese cities in Texas or wherever. And even then, they'll fuck it up by treating workers like garbage, and not having all the support services needed to run that factory.