OC, just a personal opinion but I think that ohiotom's concern may be well placed.  Xi has fully indicated that he wants China to be self sufficient in chip technology as in so many other areas that are considered essential.

On the other hand, and supportive of your view, perhaps the U.S. will develop significant progress regarding challenging China's dominance?  One article from earlier this year at least indicates some promise that progress is being made along those lines in the U.S. 

US cities challenge China’s dominance in chip production | fDi Intelligence – Your source for foreign direct investment information - fDiIntelligence.com

From the above linked article:

  "US on the rise

However, rising production costs in China combined with global trade tensions are breathing new life into the US semiconductor industry, which now features three cities – Austin, Phoenix and Chandler – in the top 10 as the US government’s efforts to develop domestic industry attracts semiconductor manufacturers. 

“The strong investment climate in the United States, and its talented workforce make this and future investments in the US attractive to TSMC,” the Taiwanese chipmaker said as it unveiled the project in Phoenix. "