News Semiconductor Industry CapEx Set for Steepest Decline Since 2008: Forecast

According to the graph, every 3-4 years there's a couple down years. Very cyclical.

they will use the money they are going to receive in grants in a bid to replace their own money they would have spent on their new fabs.
On the bright side, at least they'll be spending something. In other words, that sets a floor on the decline. It should be easier to recover, in the following couple of years.