Year 2022 marks a new height of the US-China chip war, with the US government imposing unprecedented sanctions against China’s semiconductor sector. As the year draws to a close, many are left to wonder: what lies over the horizon of 2023? How will the chip war impact key players in the global chip industry, especially ASML, a linchpin in the semiconductor upstream, TSMC, the world’s leading foundry, and SMIC, China’s most advanced foundry?