Monday's Pre-Market: Chinese chips struggle, Chinese struggling economy, Delta, Senate's new Israel funding, and Taiwan-China's conflict

China may be making more advanced chips despite U.S. sanctions — but it still faces big problems

China’s biggest chipmaker SMIC seems to have been manufacturing advanced chips in the last few months — defying U.S. sanctions designed to slow down Beijing’s progress.
But there are still some major challenges to China’s bid to become more self-sufficient in the semiconductor industry, with questions swirling around the long-term viability of its latest advancements.

Beijing is facing a string of headwinds, including an ailing stock market, deflation, and a property crisis.
Not everyone on Wall Street, however, is convinced that China is destined for doom.
From Nobel laureate Paul Krugman to Hayman Capital’s Kyle Bass, here’s a look at a widening divide between China bulls and bears.

Delta has struggled with overcrowding in its popular Sky Club lounges.
The carrier plans to open “premium” lounges in New York, Los Angeles and Boston this year.
The new tier of airport lounges is similar to a strategy that American and United have for international business-class travelers.

Sixty-seven senators voted to move forward with a $95 billion aid package to fund Ukraine, Israel and Taiwan, which will continue the slow-going process of negotiation that could cut into the Senate’s scheduled two-week recess.
The process could be expedited if all 100 senators agree to an accelerated timeline, but holdouts like Republican Sen. Rand Paul have been staunch about delaying the process.
A $118 billion version of the bill failed on the Senate floor Wednesday due to contentious border security provisions, which led senators to hold a vote on the new $95 billion version.

In its daily report on Chinese military activities, Taiwan’s defense ministry said it spotted the first balloon on Saturday morning and the last one mid-afternoon, having spotted the same number of balloons on Friday.
Five crossed the northern and central part of Taiwan, according to a map provided by the ministry.