In all seriousness, the silicon is still designed in Silicon Valley but maybe you don't hear about that as much? Broadcom, Qualcomm, Intel, Samsung, AMD, Nvidia, etc. all have a huge presence there still.
Just to emphasize my point, China is not being deprived of chip _designs_ (via export bans of ASML-made lithography equipment), but rather of the actual physical machines that rearrange the atoms.