The U.S.’s chipmaking sector is ringing the alarm about Washington’s chip war with China

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For years, the U.S. chip sector complained that Washington’s chip controls would hurt their business and spur the creation of a Chinese competitor—yet these warnings rang hollow as revenue kept hitting records thanks to the AI boom.

But recent earnings reports from equipment manufacturers like Applied Materials and Lam Research show the U.S.’s broadside against China’s chip sector may be starting to bite.