Re: He who laughs last ...
They're placing all their hopes on SMIC, though they're probably several years behind everyone else. Otherwise, there are still other fabs in other countries where the US has less leverage: it's not as if the Chinese haven't evaded sanctions in the past.
The real problem for the US is the loss of reputation: countries and companies will now actively have to develop strategies to avoid getting caught up in what are pretty petty sanctions.