China’s No. 2 chip foundry HHGrace says it has 'always been compliant' with U.S. export controls

Daniel Wang, CFO of Shanghai Huahong Grace Semiconductor Manufacturing Corporation, says demand from AI, industrials and automotive clients is keeping its fabs running above full capacity, with momentum expected to continue into 2026. He argues the memory boom may last longer because of AI, but warns the semiconductor industry remains fundamentally cyclical.