Historians will draw an analogy between the US' current race in semiconductor chips with China with the Star War arms race between the US and the former Soviet Union. The latter has brought the USSR to its knees and successfully ended an evil empire.
The Trump and Biden administrations have done great job luring China into this chips fight that China cannot win but will waste huge amount of its resources.
I am positive China will cave in in the end. Its evil empire will collapse as a result.