This is the best summary I could come up with:

Earlier this month, the National Institute of Standards and Technology's director Laurie E. Locascio estimated that "within a decade, we envision that America will both manufacture and package the world’s most sophisticated chips."

Last month, due to a perceived national security risk, the US tightened up export controls that restricted some companies, including Nvidia, from selling their most advanced technologies to China.

That risks the US falling behind, Huang suggested, while China potentially finds ways around export controls to acquire leading technology anyway that can "inspire" its own chip advancements.

The COC also pointed to a study from the Semiconductor Industry Association (SIA) that found the US is not adequately preparing a highly skilled workforce to meet future talent needs.

Overall, the COC expects that even fully implementing the CHIPS and Science Act ultimately won't "address all challenges with semiconductor competitiveness and R&D leadership."

To fill in the gaps until new policy is passed, the COC recommended that the US consider relying on "strong international cooperation" between allied countries making semiconductor supply chain advancements, like Japan, South Korea, the European Union, and the United Kingdom.

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