The news is the fact that China is successfully speedrunning their chip industry
They are still multiple generations behind, as they have been.
and making a mockery of our sanctions and trade wars on the side.
They were already mockeries, invented to fool fools.
Did any of us even yesterday believe that they would take on Nvidia any time soon?
No, and most of us don't believe they're doing it now, either.
We're here in the same world we've been in, where they are multiple generations behind.
Rest assured they are working on power use, too.
Yes, they are working on process technology, where they are again at least two generations behind. And this is a place they can't catch up to just by copying, because they don't have the equipment to copy, unlike CPU and GPU cores.
But what are we doing at the same? Circle jerk and photo ops.
You're having your own personal jerkfest over some lukewarm accomplishments from China which if they are even real were developed by copying others' work as usual, and which are unverified by any reputable parties.
Also, who's "we"? Intel is flailing yes, for example they announced they are not going to be doing foundry services on 18A which can only mean that it's difficult to make working chips in it and/or yields are poor, though those things are related. And now we're supposed to believe they will do it with 14A when they said they would do it with 18A, and oh yeah, their prior processes too. But Intel is not the only competitor to China, and ASML is multinational and their core technology was developed from largely US-based research. Indeed, the entire world is motivated to compete with China on this, and is doing so.