It was obvious from day one, China gave unlimited R&D funds just to prove a point
Short term: LOL they're fucked LOLOLOL look at them struggling using 50 nanometer chips
Long term: they will not need western technologies anymore and they can do anything they want
The US should have listened to the saying "Keep your friends close and your enemies closer" - without the ban (or a menace of a ban always looming) they wouldn't have needed to spend billions in R&D and they would have done like every other country in the world, just rely on American tech