Historically, the semiconductor value chain has flourished thanks to transnational divisions of labor that supported high levels of economic efficiency and innovation. As a result, interdependencies throughout this value chain exist between different regions around the globe. The US-China technology rivalry, the COVID19 pandemic and global shortages in semiconductors have led many governments to scrutinize these interdependencies in the transnational semiconductor value chain. The US government for example has completed a review of the semiconductor supply chain. Europe’s new industrial strategy focuses on assessing and managing strategic dependencies in different technology ecosystems, including semiconductors.