China has been working hard to indigenize AI chip making since well before the October 2022 export controls. I don't think the controls had zero effect, but overall I think the effect is often very overstated, and anyway it's irreversible (there's no way China will stop its self-sufficiency efforts even if the AI chip ban is lifted; the CCP will always ensure there's a large enough domestic market carved out for every Huawei Ascend produced).
Cf. https://newsletter.decisiontreeresearch.com/p/how-much-did-u...