Well in the short to medium term i'm more worried that the US can't make chips, rather than that China can't make chip making machines, but agree that there's nothing stopping them from catching up. (that we helped them along for the past 25 years with "technology transfer agreements" on top of the normal industrial espionage... well, that's on us. or more on our short sighted corporate execs drooling over the prospects of "the China market")
15 or even 10 years ago i'd have agreed with you on PRC intentions China seemed to be on a slow path to becoming a free-er country and just wanted more beer, BBQ and blue jeans for everyone.
But then Xi came along and they've taken a heel turn. What they did in Hong Kong going against their agreement and throwing protesters in jail and all that is ... not great. What they're doing in the South China Sea w/ the "9 dash line" or whatever ... is also aggressive and unfriendly (and totally unnecessary). And they're supporting Russia against Ukraine. And the bg stuff that's always been there with Tibet and Uighurs. Grumblings against Taiwan ... support for North Korea ...
So... will they outright attack the US, probably not. But Taiwan , South Korea, Japan ? well... maybe. And then we'd have to sanction them which would be impossible to DO if we're as dependent on them as we are now.