The big picture: Sanctions imposed by the US and its allies on Chinese companies have already produced changes in the global supply chain, and more are likely to come. However, the CHIPS Act adds another layer of uncertainty for global players like TSMC, Samsung, and even American companies like Intel and Micron who also operate some facilities in China but wish to secure government subsidies for their expansion plans. The obvious loser here is the Chinese semiconductor industry, which will need to find new ways to survive in a rough geopolitical climate.