That might actually happen because China has been doing state level investment into researching using new substrates for semiconductors, and it looks like that's bearing fruit already. They're advancing with photonic chips, graphene, carbon nanotubes, and so on. This in particular looks very promising because they actually managed to produce a standard sized wafer using a new material https://www.sciencedirect.com/science/article/abs/pii/S2095927323004206

Even a crude chip using any of these substrates could be orders of magnitude faster than anything possible with silicon, and then there would be decades of refinement to look forward to. Meanwhile, we're now running into limits of what's possible to do on the silicon substrate, and returns are rapidly diminishing. We might get to 1nm chips, but there's nothing to look forward to from there.

The amount of up front effort needed to develop a new substrate is phenomenal, and no company will bother doing it. This is something that has to be a state directed effort. Given what we saw with the whole CHIPS act and reshoring attempt,s it's pretty clear that the US is not really capable of such efforts at this point.