The Economist just admitted what Washington still won’t say out loud: Huawei and Chinese chip firms are catching up. Fast. But they still clutch their hopium: RAM, EUV, advanced logic yields! (1/11)

Let’s torch that security blanket. DRAM? Seriously? The US doesn’t even have a DRAM industry. Micron is the Last Mohican, surrounded by tombstones. Meanwhile, China has CXMT, YMTC, and others, shipping LPDDR5 and 232-layer NAND at scale. (2/11)

Korea still dominates DRAM, yes, but it sells half of it to China and builds fabs inside China. US hawks fantasize about cutting off the dragon’s fuel while Korea hands it the gas can. (3/11)

Then comes the EUV delusion. “China can’t make EUV,” they chant, ignoring the fact that only ASML can, and that ASML’s EUV is a Dutch façade powered by German optics, Japanese resists, and American code. (4/11)

China doesn’t need EUV to catch up. SMIC is already mass-producing 5nm-class logic with DUV and SAQP. Huawei’s Ascend 920 AI chip proves it. HI-NA EUV is in the lab. The 3nm bifurcation line is real and it will be broken. (5/11)

And this “yield” fig leaf? SMIC’s 7nm yields aren’t perfect, but China isn’t chasing Apple margins. It’s building chips for its own phones, rockets, tanks, satellites, and AI clusters. The demand is state-backed. The output doesn’t need Wall Street polish. (6/11)

China now has full-stack control — design (Huawei), foundry (SMIC), OS (Kylin), toolchains (Gowin, Huada), and fabs running on Chinese DUV and domestically-made chemicals. (7/11)

The US thought it could suffocate China’s chip dreams. What it did instead was force a decoupling that built a parallel semiconductor civilization. (8/11)