China has been working on a more than 1 trillion yuan ($145.34 billion) support package for its semiconductor industry, amid tightening US restrictions

"There's no question in my mind that, in the chip sector, globalisation is dead," TSMC’s retired founder Morris Chang said

The investment is part of a 550 trillion won private-sector investment plan unveiled by the South Korea government to support high-tech sectors

Commerce Secretary Gina Raimondo said India could key become a key electronics supplier to the US, while adding that Washington was not seeking a "technological decoupling" from China

The development follows the Dutch government’s announcement that it would restrict exports of critical chipmaking technology to protect national security

The Netherlands considers it necessary on national security grounds to get this technology into oversight with the greatest of speed, the Dutch trade minister said

The move signifies Beijing's changing priorities as it looks to strengthen is capabilities while Washington cuts off access to cutting edge technology

Washington has also banned beneficiaries of the $39bn CHIPS and Science Act from using the cash for share buybacks

The decision by the world’s largest contract chipmaker could help Japan revive its advanced semiconductor manufacturing

Some TSMC staff said they were reluctant to move to the US due to “potential culture clashes” and concerns around “difficult to manage” American workers

China is boosting its own semiconductor sector and clean energy sector after being hit by US export controls late last year, the SCMP said

The China business is the exclusive distributor of Arm chip technology in China and develops and sells its own chip designs based on Arm