My understanding is that the semiconductor supply chain is hyper-globalized with many steps in the process being so enormously capital-intensive that only a single firm can produce them at scale, the firms producing these various steps are widely distributed geographically, and each step is nearly useless if any step is missing.

And I wouldn’t just be worried about something simple and direct like “the United States losing influence over Taiwan’s semiconductor industry.” The concern is more like “the United States losing its global influence and thus its ability to almost unilaterally enforce a particular global order including (among other things) relatively safe global ocean freight.”