China has put all its “chips” into China’s fledgling semiconductor industry.Many companies are charging into the semiconductor industry. The trend, with the encouragement of the Chinese Communist Party (CCP), is occurring because of pressure from the Trump administration to cut off Chinese technology companies from U.S. chips.But this latest chip rush may also create vast inefficiencies, divert local resources into wasteful ventures, and usher in a 21st-century version of the “Great Leap Forward”—the disastrous 1950s plan by Mao Zedong to surpass the West in steel production that resulted in mass famine and economic despair.The need to invest in indigenous semiconductor...