China Calls Top Chip Execs For Emergency Talks After Biden Unleashes Brutal Economic War | ZeroHedge

Last week, President Biden announced new restrictions on US firms selling semiconductors to China, including restrictions on US citizens working at Chinese chip plants. Nobody might have noticed, but this is a full-blown economic war on China, a means to prohibit the country’s rise as a high-tech superpower. 

Since the new restrictions, China’s Ministry of Industry and Information Technology (MIIT) has summoned executives from the country’s top chip firms for emergency meetings over the past week to evaluate the damage, according to Bloomberg. Execs from Yangtze Memory Technologies Co. and supercomputer firm Dawning Information Industry Co. met with MIIT. 

Long story short, every advanced node semiconductor company is currently facing comprehensive supply cut-off, resignations from all American staff, and immediate operations paralysis.

This is what annihilation looks like: China’s semiconductor manufacturing industry was reduced to zero overnight. Complete collapse. No chance of survival.

China Calls Top Chip Execs For Emergency Talks After Biden Unleashes Economic War | ZeroHedge