And until China is allowed greater access to those advanced semiconductors, I mean, the U.S. has the advantage.

Across the board, the West has tended to underestimate the ability of China to close technological gaps.

So across the board, there has been a consistent tendency to assume that the West's advantage in technology can be sustained and maintained going forwards.

The reality is that depending on how you slice and dice it, China has closed the gap in numerous technologies and is ahead in many.

Now, there are some where China is still clearly lagging the West or leading edge Western technologies, however that be defined.

And chips are one of them.

But I would strongly recommend that people don't assume that that gap is there.

And I'm trying to get the sense of, from a market participant, what this really means and whether there is an inherent risk here that we need to explore.