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Technology

The systems reshaping economies and states.

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The story behind the story.

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How we got here

The chip controls

Semiconductor policy began as a subsidy question and became a control question. The instruments changed faster than the industry could reorganise around them.

2023-09-14

Design-stage rules

2025-05-30

Licence regime tightened

2026-08-23

Three regimes converge

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The chip controls
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Five years of export policy, and the supply chain it produced.

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From voluntary principles to disclosure thresholds, in four years.

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The rate cycle
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The tightening that was supposed to be short.

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