That would pretty much mean that most countries would be starting off from a level playing field in producing their own chips. With South Korea being top dog for a while.

Within 5 years or so, China would become the biggest producer as it has the money available for the greatest investment. The US would continue its decline from being the top dog in the 1980s to becoming pretty much irrelevant in chip production, though they would still be amongst the top designers for a while longer.