This episode is sponsored by, Circle and FTX US.

On this episode, NLW provides a 101-style primer on chip manufacturing and why it has become a key geopolitical concern for the U.S. and China, especially over the last few years.

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsors today is “The Now” by Aaron Sprinkle and “The Life We Had” by Moments. Image credit: Andrea Nicolini/Getty Images, modified by CoinDesk. Join the discussion at