The fight over chips continues to escalate tensions between China and the U.S. The world’s two biggest economies are battling over these precious components that are essential for auto production. And while U.S. automakers are scrambling to source semiconductors to ramp up production, Chinese car manufacturers saw sales boom in 2022 and reported record profits. According to Bloomberg, China is hoarding microchips amid a worldwide shortage, and dominance over the global supply is fueling a heated dispute between the two nations. These tiny fragments of silicon are at the heart of a $500 billion industry that is expected to double by 2030. And whoever guarantees a top spot on the supply chains – controlling a tangled network of companies and countries that make the chips – holds the key to being a leading superpower. With the U.S. auto sector facing the worst performance in nearly a decade, this could be another threat to our hegemony on global markets.
Unlike oil, which can be bought from many countries, semiconductor production depends fundamentally on a series of supply chain choke points, such as tools, chemicals, and software that are often manufactured by a handful of companies — and sometimes only by one. These chips are also very difficult to produce, and only a few countries possess the technology necessary to create the most advanced semiconductors. That combination makes them central to the strategic thinking of all nations, and most of all to that of the United States.
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