Considering the fact China controls most of the world supply of rare minerals, considering the fact the US is lead by a incompetent leader, considering the fact Nvidia looses a big market, I think China can compete with even the leading Nvidia chips in a couple of years time.

If that happens, China in turn can export those Chips to countries that are in dire need of Chips, like Russia. They can export to Africa, South-America and the rest of Asia. Thus resulting in more competition for Nvidia. I see bright times ahead, where the USA no longer controls all of the worlds chip supply and OS systems.

I see this as an absolute win.

China doesn't control the supply of rare minerals but rather production. Rare minerals are not really rare, but the processing them is a "dirty" business and does lot of damage to environment.

China has managed to monopolise the production (cheap prices) and advance the refinement process, so other domestic projects to extract rare earth minerals were not really profitable. To start it again would take some time.