China's semiconductor leaders appear to be missing a critical window of opportunity. While global demand for advanced chips continues surging—driven by AI infrastructure and blockchain computing needs—some of the mainland's top chipmakers seem slow to capitalize on favorable market conditions. The disconnect between policy support and execution raises questions about strategic positioning. Are these firms genuinely constrained by technical bottlenecks, or is there a deeper misalignment between government ambitions and commercial realities? Either way, the hesitation could prove costly as international competitors cement their advantages.