Spot on. Any large country that's NOT desperately building up fab facilities within the country right now is playing with fire. This stuff is the new oil. Insane how little of our modern life works without chips.
Computer chips are in general a reliable hardware, and top-of-the-line CPUs are in general way more powerful than needed, so there is no need for cutting-edge manufacturing and also an embargo won't halt existing activities.
Simpler/embedded processors seem to be a generic product that can be manufactured by many countries, hindering embargo efforts.
Are chips more critical for a country than e.g. food? because many countries are not nutritionally self-sufficient.
Strategic risks such as war, invasions, sanctions, etc. have to be dealt with on a decadal basis.
You have to ask: what's the current reality, and what's the trend?
The trend is pretty clear: our world is going to depend more on computers, not less. You have to prepare for a world where drones have replaced your fighter jets, where every citizen has a smartphone, and where your financial system will collapse without working computers and servers.
That sounds a lot like the present.