In 1990, the U.S. and Europe produced more than three-quarters of the world’s semiconductors. Now, they produce less than a quarter. Japan, South Korea, Taiwan and China have risen to squeeze out the U.S. and Europe. And China is on pace to become the world’s largest chip producer by 2030.

The epicenter of chip production shifted partly because governments outside the U.S. offered often hefty financial incentives for factory construction to build up domestic industries. Chip companies also have been attracted by growing networks…

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