This was only a matter of time.
Frankly, a few American companies buying up and blocking the entire global supply of memory and chips is going to mean the Chinese fabs only have to compete on price and quantity, not quality, to dominate much of the world's chip sales.
A lot of the world will accept cheap Chinese hardware with large quantities of memory over the anemic overpriced offerings Nvidia is putting to market for 10x as much.
ETA: A Fenghua 3 with 112GB HBM is rumoured to be about $1-3k for H100 like performance, which is 1/10th the price.