<p>➀ China and the US invested $150 billion and $250 billion respectively over a decade in semiconductor subsidies, yet failed to develop leading-edge process technology due to mismanagement;</p><p>➁ China allocated funds to inexperienced firms, while US subsidies supported capacity expansions that companies would have pursued independently;</p><p>➂ Intel, after receiving $8 billion in US subsidies and facing repeated delays in advanced process development, sparked political backlash, with its CEO pressured to resign.</p>