Even if China manages to conquer Taiwan (they don't yet have enough amphibious lift capacity to make it stick), the important fabs are likely to be wrecked. And even if China manages to capture some equipment intact, they won't be able to operate it without support from ASML and other foreign vendors.

US politicians have finally woken up to the risk of being dependent on China for strategically important semiconductors, hence the support for measures like the CHIPS Act. The window for China to be able to credibly threaten us with sanctions is rapidly closing.

https://usafacts.org/articles/whats-in-the-recently-passed-c...