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The shortage signal arrives only after contracts break.

Three export routes closed in sequence with no way to restore supply.

Beijing cut exports 70% while Washington set a deadline it can't meet.

91% of refining, 94% of finished output. The funnel only narrows.

One material dominates every cell, and one country controls it.

One expired license pulled 10% of China's supply overnight.

No substitute exists at the purity semiconductors require.

A century-old fee just flipped negative for the first time.

It protects a product America barely makes.

Even a 167% price surge can't unlock it.

A CEO compared it to the worst chip crises in history.

Three failures hit the same supply chain at once.