An even fiercer battle is brewing over high-tech industries like semiconductors and 5G. In this chapter, Joy Dantong Ma’s analysis of Qualcomm’s evolution and prospects in the Chinese market elucidates why this competition is so complex. China’s success in developing 5G technologies and chips could eat into the market share of a company like Qualcomm, which has dominated the Chinese market for decades and now depends on it for the majority of revenue. Herein lies the main conundrum: China is both the largest market for semiconductors on the demand side and the biggest potential competitor in producing chips on the supply side. Whether China’s success in 5G will come at the expense of US companies makes this one of the thorniest issues to handle.