October 30, 2018 -- Hong Kong (CNN Business)The United States just delivered a sharp blow to China's lofty tech ambitions.

Its move to target a state-owned Chinese chipmaker over national security concerns goes to the heart of the clash between the two economic superpowers over technology and trade. It also exposes China's lack of successful homegrown semiconductor companies as one of the biggest vulnerabilities in the country's bid to become a global tech powerhouse.