Chipmaking is not a high labor industry (other than during the building of plants).

China's one big advantage over other work forces is massive amounts of labor that can be directed by central planning. As their labor costs have gone up, labor intensive manufacturing has already started shifting away. When population declines cause labor costs to go even higher, they lose their advantage.

One thing missing is that the population growth in the US is mostly reliant on immigration (https://www.census.gov/data/tables/2023/demo/popproj/2023-su...). And our most favoritest political party is working on stopping it.