How much innovation actually comes from China, versus just being stolen by China?
The lithography companies actually have to talk about the measures they take to stop China from stealing their IP on their earnings calls.
China is a manufacturing hub, but its (often government backed) chip companies run low-margin businesses that don't make enough money to invest heavily in R&D. Go look at Apple or Qualcomm's gross margins and compare them to Huawei or Xiaomi.
The lithography companies actually have to talk about the measures they take to stop China from stealing their IP on their earnings calls.
China is a manufacturing hub, but its (often government backed) chip companies run low-margin businesses that don't make enough money to invest heavily in R&D. Go look at Apple or Qualcomm's gross margins and compare them to Huawei or Xiaomi.