安联-半导体：2026年AI市场行情的核心引擎与风险 The semiconductor premium EM equity and the concentration risk within

Ludovicsubran

chiefInvestmentofficerandchiefEconomist

ludovic.subran@allianz.com

AlexanderHirt

HeadofEquity&creditResearch

alexander.hirt@allianz.com

Anokuhanathan

HeadofcorporateResearch

ano.kuhanathanQ

GuillaumeDejean

seniorsectorAdvisor

guillaume.dejean@allianz

Insummary

•semiconductorsarethebackboneofthe2026Alrally.capitalinvestmentisoverwhelminglydirectedatAlinfrastructure,andthedatacentersdoingtheheavyliftingrunentirelyonchips.Thenumbersspeakforthemselves:thephiladelphiasemiconductorindexisUp+90%YTD-twelvetimesthes&p500's+7.5%-despiteacoupleofrecentsell-offepisodesinJune.Inemergingmarkets,whichconcentratemostofthesupplychain,marketslikesouthkoreaandTaiwanareup+110%and+60%thisyear·

•concentrationistheflipsideoftheboombutfundamentalsarestrong.concentrationismostacuteinEMS,wheredependenceonasingleindustryisnowextreme.fthechipssectordisappoints,there-ratingcouldbebrutal.Buttheearningsarerealandlopsidedlyso:chipsdeliver13%ofs&p500profitsonjust5%ofsales,halfofsouthkorea'sprofitsonafifthofitssalesandover70%ofTaiwan'searningsandrevenuealike.FerociousdemandcollidingwithsupplybottlenecksfromMiddleEasttensionsarekeepingpricessky-high.

•Thebullcasestillstandsonfivepillars.First,hyperscalersshownosignofeasingoff:upwardcapexguidanceinQ1pointstoastill-aggressivestancethatshouldliftAsianchipmakers'profitsbyaremarkable+70%CAGRthrough2026-2029.second,thedemandpipelinelooksstructurallysolid:BroaderAIdiffusion,thecorporateshifttoagenticplatformsandthememory-hungrynewchipgenerationallreinforceoneanother.Third,themoatisreal:capitalandexpertiseareneededtobuildamodernfoundrykeepcompetitionatbayandpricingpowerintact.Fourth,valuationsarecompellingasbasedonsolidearningstrajectory,andrecentsell-offsoffernewentrypointontoppicks·Andfifth,intheover-concentratedEMspdce,semiconductorsensuregeographyandsupply-chainpositiondiversificationwithanattractivetrade-offcomparedtodevelopedmarkets.

•Butstrongconvictionsdonotmeancomplacency:Fourriskscouldunsettletherallyoverthenext12-24months.First,aMiddleEastre-escalationcoulddisruptenergyroutedtoAsia,forcingproductionhaltstemporaryornot.second,bottlenecksintheAsiansupplychainforinputscriticaltodata-centerfleetscouldliftcostsandlengthenleadtimes,throttlingAIcapexmomentum.Third,atimingmismatchlooms:Newsupplycouldcomeonlinejustascapitalallocationdecelerates,shouldafreshratecycletakeholdintheUsorEurope.Fourth,competitionissharpeningfastBeijingispilingonfundsandpressuretodrivechipself-sufficiency(70%targetinAIchipsin2026)andabiggerglobalfootprintforitschampions.contrarytowhatmarketvolatilitysuggest,wedonotseelowerinferencecosttobeanegativedriverformemorychipbusiness,butratheraguaranteeofasustainablebookorderifitcomeswithstrongerAIdiffusionandusage.

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semiconductorsaredrivingthe2026Alequityrally-andconcentratingitsrisk

Equitymarketsareroaringbackin2026,withsemiconductorsastheprimaryengine.Abrutaltechsell-offeruptedlastautumn,fueledbyarotationoutofhyperscalersasthe"Albubble"narrativegainedtraction.ThepainextendedwellintothisyearasfrontierAlmodelsarmedwithnativecustomerRelationshipManagement(CRMcybersecurityanddata-processingcapabilitiestriggeredasharpde-ratingoftraditionalsoftwarenamessuddenly

chipmakersdeliveredearningsthatkeptbeatingexpectations,rewardinginvestorswhoheldtheirnervewithrelentlessoutperformance.ThephiladelphiasemiconductorIndextellsthestoryplainly,Up90%ytd,dwarfingtheS&p500'smodest+7.5%gainandcementingsemisasthesinglebiggestbeneficiaryoftheAlequityrally.Butthemosteye-catchingtradeofthiscycleisunfoldingnotintheusbutacrossemergingmarkets:TheMSCIEMindexhassurged+23.2%YTD,andtheenginebehindthatre-ratingis,again,semiconductorsasAsianchipandadvancedpackagingnamesridethesameAIcapexsupercycle·Theinvestmentwaveisglobalandequitymarketsarepricingitthatway.

Figure1:Equityindexperformance,rebasedto1ooonJanuary2024

sources:LSEGDatastream,AllianzResearch

semiconductorshavequietlybecomethebackboneofglobalequitymarkets-andastructuralvulnerabilityattheircore.Taiwanandsouthkoreastandinaleagueoftheirown.Betweenthem,theyconcentratetheworld'smostcriticalfoundrycapacityandtheirstockmarketsreflectitstarklyTaiwan'ssemiconductorsectorcommandsa75%marketcapshareofitsequityuniverse,southkorea'sastill-commanding39%,dwarfingeveryothermajorindex.yettheparadoxliesintherevenueline:semiconductorrevenuesharesacrossmostexchangesremain

afragmentedecosystemofsmallerplayers.EuropeandtheushavebuilttheirdigitalizationambitionsandincreasinglytheirAlinfrastructureonanAsiansupplychaintheydonotcontrol,adependencythatgeopoliticalstress-testinghasalreadyprovenfragile.

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Figure2:semiconductorindustryperformanceandfootprintintheEMequityuniverse

sources:LSEGDatastream,AllianzResearch

concentrationisextremeandtheriskisdouble-layered.Taiwan'ssemiconductorprofitsharewithinitsequityuniversehasvaultedfrom55%in2020-2022tonearly75%overthelast12months·southkoreahasmirroredthattrajectory,climbingfrom40%tocloseto50%overthesameperiod.Thisisnotagradualdrift;itisastructuralrepricingofanentireindustry'searningspower,drivenbyAl-fueleddemandandferociouspricingdisciplinefromahandfulofdominantfoundries.ButthatconcentrationcutsbothwaysandforEMinvestors,thevulnerabilityisnotsingle-sided·MSCIEMalreadycarriesa37%sectorweightinITanda45%combinedgeographicexposuretoTaiwanandsouthkoreaalone,meaningtheindexisstructurallypre-loadedwithsemiconductorriskbeforeasingle

haseffectivelybecomealeveragedproxyontheAlcapexcycle-owinningpositiontodaybutaprecariousoneifsentimenttowardtheAlthemesoftens,earningssurprisecyclesturnorgeopoliticaldisruptionbitesintoAsiansupplychains.Anyde-ratingofthesemiconductorcomplexwouldhitEMsthroughtwochannelssimultaneouslysectoralandgeographicamplifyingdrawdownriskwellbeyondwhatheadlineindexdiversificationwouldsuggest.Theustellsamorenuancedstory:semiconductorprofitshareisalsoatacyclepeakapproaching20%

simplydonothaveaccessto.Thesameindustrydrivingthemostexcitingequityreturnsofthiscycleissimultaneouslythesinglebiggestsourceofunpricedfragilitywithinit.

Figure3:AggregatedmarketshareofsouthkoreaandTaiwaninMSCIindex(asofApril2026)

sources:MSCI,AllianzResearch

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Hyperconcentrationofprofitsdoesnotmeananabsenceofopportunity.southkoreadominatesHighBandwidthMemory(HBM),thememoryarchitectureattheheartofeveryAIaccelerator,stackingdiesverticallytodeliverthemassivelow-latencybandwidththatlargelanguagemodelscannotfunctionwithout.Taiwanholdswhatiseffectivelyanunchallengeablenear-termmonopolyonadvancedlogicat2-3nmnode,wherecomputeperformance,miniaturizationandenergyefficiencyconvergeaprocessgapthatIntelandsMIcareyearsfromclosing.Thepositiveexternalitiesfromthesetwincentersofexcellencerippleacrossequipmentmakers,packaging

breadthisvisibleinthenumbers:Medianforwardearningsgrowthrecordedmid-Maystoodat52%insouthkoreaand42%inTaiwan,upsharplyfrom35%and26%atthestartoftheyearabroad-basedaccelerationconfirmingthatAIdemandisdiffusingthroughtheentiresupplychain,notjustconcentratingatitspeak.

Figure4:Forwardearningsgrowthvs.2026shareperformancefromsouthkoreanandTaiwanesesemiconductorfirms

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korea

Taiwan-"

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Forward12MEpsgrowth

Bubblesizereferstomarketcapitalizationweightwithinnationalsemiconductoruniverse.

sources:LSEGDatastream,AllianzResearch

volatilityincreaseswhenyouareunderspotlights:gobeyondday-to-dayanalysis·The-12%correctioninJuneinglobalsemiconductorequitieswasapositioningshock,notafundamentalone·ltwascausedbyasequenceofnegativesignalsthatofferareasonforinvestorstocuttheirpositionsandtakebacktheirprofitsafteranoutstandingrun(+82%YTDevenafterthesell-off).Amongmaindownsidecatalysts,thedisappointmentcausedbythenon-revisionofearningstrajectoryfromatopuschipmakerscoupledwithrisingoddsofaratehikeinusAandnewconcernstowardaweakerdemandforHBMchipscausedbythereleaseofnewAnthropic'sclaude4.8opusthatdisplaysamoreefficientinferencecostmodelparticipatetopinchinvestor'ssentimenttowardsemiconductorstocks.Inreality,thedamagewasnarrowratherthanbroad-based,concentratedinthetwohighest-betamarketskorea,wherethekospIfell8.3%andtrippedacircuitbreaker,andTaiwan,wherethelargestfoundryworldwideposteditslargest-everintradaydrop.koreaborethebruntforstructuralreasons:indexhyperconcentrationinsamsungandskhynix,heavyleverage,foreignoutflowsandawonpast1,560/USD,amixthatturnsglobaltechwobblesintoforced-deleveragingcascades.yettherally'sanchorswerenotimpairedsupply-chaindemandkeptacceleratingandthemegacapsreboundedfastandvaluationsstayundemanding,withkoreanear1o11xforwardearnings,thecheapestofthemajorAsianmarketsandNorthAsiabroadlyatadiscounttotheus.

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Figure5:performanceofsemiconductormarketandforwardvaluationperregionbreakdown

sources:LSEGDatastream,AllianzResearch

semiconductorsremainthepurestexpressionoftheAlcapexcycle

ThecurrentphaseofAldevelopmentisoverwhelminglyinfrastructural.Nations,hyperscalersandcorporates

measuredbythevolumeofcloudspaceownedandtherawprocessingpoweravailabletorunfrontiermodels.Everydatacenterannouncementis,inessence,achiporder.ushyperscalercapexhassurgedfromUSD150bnin2023tooverusD400bnin2025,withguidancepointingtonearlyusDgoobnby2028-anear-sixfoldexpansioninfiveyears.LargeAsianfoundryEBIThastrackedthattrajectorywithstrikingfidelity,albeitwithaone-to-two-yearlagthatreflectsthenaturalconversiontimefromcapexcommitmenttowaferdemandtoearningsdelivery:FromanegligibleusD35bnin2023,foundryprofitsareprojectedtoreachusD650bnby2028.Thelagisafeature,notafriction:Itmeanstheearningswaveisstillbuilding.withnocrediblesignofhyperscalercapexfatigue,thefoundryprofitoutlookremainsextraordinary.TheAl-poweredworldbeingbuiltis,aboveall,achip-poweredworld.

Figure6:GuidanceofushyperscalercapitalexpenditureandlargeAsianfoundryEBIT

sources:LSEGDatastream,AllianzResearch

Aldiffusionisdeepening,notplateauing-andmemorydemandfollows.EachsuccessiveNvidiaGpugenerationhasdeliveredastep-changeinmemorycapacity:from32GBonthev1ooin2017to280GBontheGB300in2025,whileenergyperformanceperwatthasexpandednearlytwentyfoldoverthesameperiodarelentlesshardwareescalationthathasmadeeveryfrontiermodelgenerationstructurallymorechip-hungrythanthelast.TheshiftinAIworkloadsfromtrainingtowardinferenceoftencitedasapotentialheadwindformemorydemandisafalseconcernatthesystemlevel:whatinferencelosesinper-queryintensity,itmorethanrecoversthroughsheervolumeexplosion.openAIaloneistargeting2.75bnusersby2030,implyingthatnearlyoneinfourpeopleontheplanetwillberegularlyqueryingafrontiermodelademandprofilethatmakesaggregatememorychipsDynamicRandomAccessMemory(DRAM)andNot-And(NAND)consumptionessentiallynon-discretionaryinfrastructurespending.unlikesoftwareincumbentsfacingdirectsubstitutionfromAl-nativecapabilities,semiconductorandmemorysupplierssitupstreamofeverymodel,everyqueryandeverydatal-centerexpansion-insulatedfromtheapplication-layerdisruptionplayingoutbelowthem.ThedemocratizationofAIaccessisnotarisktothechipcycle;itisitsmostpowerfuldemandmultiplier.Theefficiency-bearcasethatusedtocomebackatourearsateachreleaseofnewfrontierAImodelassumesdemandisfixed,butitrarelyis:cheaper,leanerinferenceispreciselywhatpullsAlintomoreusers,morealways-onagenticandmultimodalworkloads,andmoreapplicationsthatwerepreviouslyuneconomicsofallingcostperquerytendstoexpandaggregatequeryvolumefasterthanitcompressesthe

thantheeleganceofanysinglemodel:everyincrementalacceleratorshippedisloadedwithHBMandDRAM,andtheshifttowardinferenceandlong-context,agenticworkloadsactuallyraiseskv-cachememoryrequirements,meaningabroader,moreefficientinstalledbasedefactoconsumesmorechipsinaggregate,notfewer.

Figure7:Memorycapacity,performanceandpowerefficiencyofGPU(basedonNvidiamodels)/NumberofusersofmainLLMmodels,currentandestimated(inmnofusers)

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Gpumemory(GB)

precisionlevel-FP32rating(TFLOPS)

oEnergyperf.rating(FP16perwatt,Rhs)

sources:Nvidiacorporatebrochure,AllianzResearch

supplytightnessisextendingpricingpowerandactingasamacrohedge.supplywasalreadystructurallytight

toheliumsupplychainsacriticalpurificationgassourcedpartlyfromQatarandindispensabletowaferfabricationtriggeredprecautionaryfront-loadingacrosssouthkoreanandTaiwanesebuyers,compressingavailableinventorypreciselywhenAl-drivendemandisatitsmostinsatiable.Theresultisvisibleinspotpriceswithbrutalclarity:FlashNAND64GBspotpriceshavenearlytripledin2026alone,surgingfrombelowusD5tonearlyusD20perunitQPQSS-throughdynamicthatsemiconductorfirmshaveexecutedwithoutfriction,reflectingapricingpowerthatfewindustriescanmatch.whentheend-demandjustificationisAIproductivitygainsworthtrillionsinenterprisevalue,customersabsorbchippriceinflationwithremarkablylittleresistance.southkorea'ssemiconductorexportvaluegrowthhasaccordinglyexplodedto+150%year-on-yearamagnitudethatdwarfsvolumegrowthandconfirmsthatthisisamarginandpricingstoryasmuchasavolumeone,withthespreadbetweenvalueandvolumegrowthatitswidestonrecord.Theslowprogressinnewcapacitybuild-uppostponeintimebreakevenpointbetweensupplyanddemand,leadingtoalikelyextensionofmemoryshortageuntil2027.ASaresult,themixofsupplyimbalancescoupledwithextremely-highconcentrationofthesegmentensureastrongpricingpowerAsianchipmakersthatshouldhelpthemkeepingahighmarginprofileforlong.

Figure8:southkoreasemiconductorexportstrend(price,valueandvolume)andweight

180%42%45%

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90%30%

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-30%10%

Jan-25Apr-25Jul-25Oct-25Jan-26Apr-26

Weightas%oftotalexports(Rhs)ValueVolumePrice

sources:Bankofkorea,LSEGDatastream,AllianzResearch

valuationsremcincompellingdespiterally·Evenaftertheyear-to-daterally,EMSemiconductorsremainconspicuouslycheaponamarket-weightedbasis:asofJune-26theindustrystilltradesatroughlya55%forward-P/Ediscounttodevelopedmarket(DM)semiconductorpeersandaroundathirdbelowbroadglobalemergingmarketbenchmark(EM).Therallyhasadmittedlystartedtodilutethatgapbothdiscountshavecompressedofftheirlate-2024troughs(circa-75%versusglobalsemis,-50%versusglobalEM),withthenarrowingacceleratingsharplyinthemostrecentleg,particularlyagainstglobalEM.yettheresidualdiscounttoDMnamessitsoddlywiththerealitythatEMplayersnowoccupythemostcritical,highest-valuenodesofthechainleading-edgefoundryandHBMapositioningthatarguablywarrantsconvergenceratherthanapersistentmarkdown.partofthe

capswhosesteepforward-earningstrajectoriescompressthedenominator,sotheheadlinediscountreflectsthosefewnamesratherthanuniformvalueacrossthesector.Beyondthepurevaluationcall,thatsameskewopensanarbitrage-and-diversificationanglethebetterrisk-rewardmaysitfurtheralongthesupplychaininequipment,materials,advancedpackagingandtesting,ratherthaninthecrowdedfoundryandpure-memoryleaders.

Figure9:valuationpremium/discountofEMSemiconductorindustryvs.globalEMandsemiconductorindustry(basedonforward12Mpricetoearningsratio)

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Jun-24Dec-24Jun-25Dec-25Jun-26

vs.developpedmarketsemiconductorvs.globalEM

sources:LSEGDatastream,AllianzResearch

Fourrisksthatwarrantactivemonitoring

Despitethecompellingsemiconductornarrative,complacencywouldbeamistake.Aclear-eyedviewofthe

next12-18monthsrevealsfourfactorsthatdeserveactivemonitoringbeforethenextlegoftherallyistakenforgranted.

Risk1-MiddleEastdisruptions:whenscarcitybecomesadouble-edgedsword

inthetail.Heliumstoragelevelshavedroppedtouncomfortablelowsastensionspoundingthepicture,

whendeliverypipelinesarealreadystretched.Thestructuralconstraintisunforgiving:NewfabricationlinesoutsideAsiatakeyearstoreachoperationalrelevance,leavingcurrentcapacitywithlittleslacktoabsorbsustaineddisruption.Q1earningsprovidedsomereliefmarginguidancepointedonlytomodestdownwardadjustmentsratherthananystructuraldeteriorationandtheindustryisnotdefenseless:threetosixmonthsofsecuredhelium

near-termshocks.Butthatbufferhasaclockonit.shouldMiddleEasttensionspersistandlogisticaldisruptiondeepen,thescarcitynarrativethathasbeenaprofittailwindcouldrapidlyinvertintoaproductionbottleneckwith

theinflectionalready:Taiwan'sproductioncostindexhassnappedfrom-7%year-on-yearinlate2025tonearly+9%bymid-2026-thesharpestreversalinthedataset-whilesouthkorea'sisalsoaccelerating,signalingthatcost

isworthwatchingwithprecision.

Figure10:productioncostindexinsouthkoreaandTaiwan(PPI,annualchangein%)

sources:LSEGDatastream,AllianzResearch

Risk2-Alcapexexecutiongap:whentheinfrastructurepipelinemeetsreal-worldfriction

whichmakesanycrediblethreattoitsexecutiontimelineariskthatcannotbedismissed.Asofend-January2026,only31%ofusdata-centercapacitycommittedfordeliveryin2026wasofficiallyunderconstructionafigurethatdropsto17%forthe2026-2028windowandasobering13%acrossthefullpipelineto2032.Behindtherelentlessdrumbeatofhyperscalercapexannouncementsliesanexecutiongapthatiswidening,notclosingdrivenbyplanningbottlenecks,gridconnectiondelays,constructionlaborshortagesandpermittingfrictionthatnobalancesheetcommitmentcanshortcut.Adatacenterthatisannouncedbutnotbuiltdoesnotpullforwardachiporder.

Theriskcompoundsifthemacroeconomicbackdropshifts.Arenewedinflationaryimpulseentirelyplausiblegivenrisingfreightcosts,energypricepressurefromMiddleEasttensionsandstickyservicesinflationcouldforceanothermonetarytighteningcycle,pushinglongrateshigheratpreciselythemomentwhencapital-intensiveinfrastructureprojectsaremostrate-sensitive.Higherratesdonotjustraisediscountratesonfuturecashflowstheymakebanksmateriallymorerestrictiveinextendingprojectfinancetoprivatedata-centerdevelopers,thefastest-growingsegmentofthepipeline.Giventhenear-perfectcorrelationbetweenhyperscalercapextrajectoriesand

semiconductorearningsdowngradeserodingpricingpowersimultaneouslyasthedemandurgencythathasallowedcostpass-throughbeginstodissipate.Forasectorpricedatameaningfulpremium,themarginfordisappointmentisnarrow.

Figure11:percentageoftheusdata-centerpipelineofficiallyunderconstruction

sources:sightlineclimate,AllianzResearch

Risk3-Thecapextimingtrap:willhistoryrhyme?

Thesemiconductorindustryhasawell-documentedandcostlyhabit:itinvestsinnewcapacityatthetopofthecycle,andtheproductionlinescomeonlinejustasdemandrollsover.ThepatternisvisiblewithpainfulregularityinFigure11:EBITmarginsandchipmarginmomentumhaveoscillatedinviolentcycles,withthemostbrutalcompressionepisodes2015,2019,2023coincidingpreciselywithwavesofnewsupplyhittingmarketsintoweakeningend-demand.Thepost-2022episodeisthemostinstructive:Asurgeofcapacityinvestmenttriggeredbypandemic-erashortagehysteriadeliveredproductionlinesintoademandvacuum,crushingmarginstonearzeroin2023andgeneratinginventorywrite-downsacrosstheindustry.Thequestioniswhether2027-2028willrhyme.Thetimingriskisconcreteandquantifiable.TSMC'SArizonaFab21phase2targeting3nmand2nmproductionisscheduledforcompletionby2027-2028,alongsideitsongoingJapanfacilityexpansioninkumamototargetingmaturenodes.samsung'sp3andp4linesinpyeongtaekamongtheworld'slargestsemiconductorcomplexes

outputtoglobalsupply.SKHynix'SM15xfacilityincheongju,purpose-builtfornext-generationHBMproduction,issimilarlyslatedforramp-upthrough2027.collectively,theseprojectsrepresentthelargestsynchronizedcapacityexpansionintheindustry'shistoryhittingmarketssimultaneously,withlimitedabilitytodelayorredirectoutputoncefabconstructionreachescompletion.

Trailing12-monthEBITmarginsareapproaching30-32%,levelslastseenfleetinglyaround2018andneversustainedbeyondafewquarters.chipmarginmomentum,theleadingindicator,isalreadyshowingthefirstsignsofoscillationatelevatedlevelsapatternthathistoricallyhasprecededcompression.Thebullcaseargumentthatunprecedenteddata-centerpipelinedemandwillabsorbtheincomingsupplywaveisplausiblebutcarriestheexecutionuncertaintydocumentedinRisk#2:only13%oftheusdata-centerpipelineto2032iscurrentlyunderconstruction.Ifthedemandrealizationtimelineslipsbyeven12-18monthsrelativetosupplydelivery,theindustry

semiconductorprofitshavebeenthefueloftheEMequityrally;acyclicalmean-reversioninfoundrymarginswouldnotjustslowthetrade,itwouldreverseit.

Figure12:EBITmarginandmarginmomentumindexoflargeAsianfoundries

sources:LSEGDatastream,AllianzResearch

Risk4-Thechinawildcard:acompetitorinconstruction,notyetincontention

Figure13belowframesthecompetitivelandscapewithstrikingclarity:Americas'shareofglobalsemiconductorshipmentsbyvaluehassurgedfrom20%in2015to34%in2026,whileAsiapacificex-chinahasclimbedto31%thetwodominantandwideningpolesoftheindustry.china,meanwhile,hasseenitssharecompressfrom30%

technologyandadomesticindustrystillyearsfromself-sufficiency.EuropeandJapanhavefadedtonear-irrelevanceat4-6%,astructuralmarginalizationthatmakestheirdependenceonAsiansupplychainsallthemore

Beijinghassetanexplicittargetofcovering70%ofdomesticsemiconductorneedsthroughindigenousproductionagoalbackedbythemostaggressivestatefinancingprogramintheindustry'shistory.TheBigFundphaseIllalonemobilizesanestimatedUSD30-50bn,partofatotalusD70bnincentiveenvelopethatdwarfsboththeus

unambiguous:DuringpresidentDonaldTrump'srecentvisit,chineseofficialsmadecleartheyhadnointerestindismantlingsemiconductortradebarriers.Thestrategicpriorityisbuildingdomesticca