Just a few extracts from the WaPo article. Last two paragraphs, "a major blow to all of former Huawei's technology suppliers, mostly US companies.", "The major geopolitical significance has been that it's possible to design [without] US technology".

US companies will inevitably lost Chinese market, to what extend depend on whether US will increase tightening the ban of selling US technology to China. US ban is essentially forcing the banned parties to come out with alternatives of their own. The ban works only if the banned parties are unable to come out with alternative, otherwise it will break the US dominance or monopoly.

Whether China can produce advanced chip in a scale globally competitive, you don't have to worry. They will find out whether there's price pressure and commoditization pressure in a couple of years. As US companies lost China market, their revenue will shrink inevitably, cutting into their R&D budget, starting a downward spiral, aka negative feedback loop.

Qualcomm report no revenue from Huawei starting Sep, they sell only 4G chip to Huawei. Expect they won't get sale from Huawei in the foreseeable future.