China, meanwhile, has been casting billions at the semiconductor problem with limited success. Its largest chipmaker SMIC cut off from advanced chip tech due to US sanctions, trails years behind Taiwanese companies in the best chip it can produce. US export controls on Chinese semiconductors have entirely ruined the chip industry, sparking mass bankruptcy in which thousands of companies shut down their business. Then there is Wuhan Hongxin Semiconductor Manufacturing Co., which turned out to be a $20 billion scam perpetrated by tricksters without industry experience.