In late May 2026, the global semiconductor industry witnessed an accelerated evolution, propelled by both geopolitical transformations and a soaring demand for AI computing power. The United States adjusted its tariff policies towards China, and the European Union introduced new foreign investment review regulations, both of which heightened geopolitical competition within supply chains. Concurrently, the explosive growth in AI computing power requirements spurred global wafer fabrication plants (fabs) into embarking on a fresh wave of capacity expansion. The memory chip sector, in particular, stood out prominently. With industry inventories at historically low levels, prices for DRAM and NAND flash memory continued their upward trajectory, indicating a prolonged period of tight supply-demand dynamics.

China's localization rate for semiconductor equipment has seen a marked improvement, although critical components still face potential 'chokepoint' risks. Nevertheless, the market size is projected to sustain its growth momentum. From a geopolitical standpoint, the U.S. "Multilateral Coordination Act for Hardware Technology Controls" sought to impose stricter equipment export controls on China, in collaboration with its allies. Meanwhile, the EU's updated foreign investment review rules tightened restrictions on strategic sectors, including semiconductors, thereby exposing Chinese-invested semiconductor assets in Europe to elevated compliance risks.

Technologically, a divergence emerged between advanced and mature process nodes. Processes like 3nm and other advanced variants operated at full capacity, driven by the insatiable demand for AI. In contrast, mature processes encountered downward price pressure amid China's large-scale expansion efforts. Furthermore, Huawei's proposed "Tao's Law" presented a novel pathway for enhancing chip performance in the post-Moore era. By systematically reducing time constants to compress signal propagation delays, this approach achieved breakthroughs without relying on advanced lithography machines.

Overall, the global semiconductor supply chain is undergoing a profound structural reshaping, with geopolitical competition and technological self-sufficiency emerging as the central themes of this transformation.