Shanghai-based Semiconductor Manufacturing International Corp reported revenue of US$1.9 billion in the second quarter, representing a 41.6 percent increase year on year. The chipmaker also predicted a cyclical pullback in the industry until next year. However, it expects chip demand to continue to rise in the long run.

The US administration recently passed the Chips and Science Act, a massive US$280 billion chip subsidy bill. The new act, which is meant to help the US chip industry and encourage investment, should make the US more competitive with China.

But it will also force China to accelerate the development of its own domestic integrated circuit industry.

On Friday, Shanghai launched a "Master Class" program to introduce chip industry development and the latest innovations, both online and offline. The first batch of lectures drew nearly 1 million viewers online.