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According to research and analysis company GlobalData, 42 new chip fabs are expected to open globally in 2024, the majority of which will be located in China.

Source: GlobalData

Relations between the US and China have been strained over the rise of generative AI and its impact on chip manufacturing. 

In its 2024 thematic intelligence report into next-generation AI chips, research and analysis company GlobalData explains that China is one of the world’s biggest buyers of semiconductors and controls a large portion of the raw critical minerals used in chip making. 

GlobalData identified that technological competition was at the heart of spiralling US-China relations as both countries compete to become the world leader in AI. 

While the US owns the majority of the IPs associated with chip design and manufacturing, chip manufacturing has flourished in the Asia-Pacific region and threatens to overtake North America. 

GlobalData’s report noted that China’s yearly exports of chip technology increased from $3bn in 2000 to $156bn by 2022. 

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In the same period, US exports declined by 4%. 

The total chips market will be worth over $116bn by 2030, with AI chips accounting for 30% of the total market. 

As AI continues its vast deployment throughout a variety of industries, demand for AI-specific chips will also rise. 

Looking ahead, GlobalData forecasts that the global AI race will transition to an AI chips arms race as companies compete to keep up with AI’s compute needs.