Advertisement To hedge against growing geopolitical and supply chain risks, Washington and Beijing have utilized industrial policies in recent years to bolster domestic semiconductor manufacturing. Although front-end manufacturing (or “fabrication”) is integral to chip production and receives most of the industry’s media coverage, it should be emphasized that the global semiconductor value chain consists of around 300 different inputs supplied by dozens of countries. One less prominent but highly crucial supply chain input is the lithography equipment used for chip manufacturing. Lithography – the process of printing integrated circuit patterns…