I missed this earlier this past week, but
ARM is also forbidding sales of licensed ARM-based CPUs to Huawei, which is a much bigger matter for that company. First off, they are a UK firm owned by Japanese investors, not a US one, and AFAIK neither the UK nor Japan have officially joined in the US action against Huawei (though I may be mistaken); in other words, it could be seen as a reflection of how fabricators and IP licensors worldwide see the situation regarding the industrial espionage allegations (which honestly is the bigger issue for most corporations, as I doubt that either the illicit data mining or the allegations of violating trade sanctions against Iran and North Korea are much of concern to non-US companies). It also shows that, declining power or not, the US has a lot of influence elsewhere (perhaps even undue influence), if only because so many companies license American IP covered by the ban in their products (which ARM Holdings claims to be the main impetus in this move).
IIUC, pretty much every computing device Huawei makes is ARM-based, and without ARM processors, they are is serious trouble.
They were also
forced out of JEDEC (technically they have 'voluntarily withdrawn' but it was under pressure from other members), the SD Association, and the Wi-Fi Alliance, each of which is a major blow.
While it is possible that they could shift to, say, MIPS (probably Loongson, the current versions of which are indeed licensed from MIPS Tech), or RISC-V, it seems rather unlikely to succeed. It is almost certain that MIPS Technologies (now owned by Tallwood Ventures, meaning they are entirely under US management) will follow suit, and none of the RISC-V processors are quite at the level of development to match the performance of the major ARM implementations (SiFive's FU540 is
almost there, but not quite, and no full-featured SoC version is ready at the moment, while the RISC-V SoCs that do exist are decidedly underpowered) even if they could find a fabber who would sell to them. Huawei would have to pour a lot of money not only into changing to a new architecture and new CPUs, but also into either licensing and/or purchasing a whole new range of CPUs. They may end up needing to invest in bespoke production of the CPUs and SoCs themselves, or even creating their own fabs, which would be a huge expense even for a company their size (hell, even their government backing might not be sufficient to cover something that big).
This isn't even addressing what the inability to use SD cards and develop Wi-Fi enabled hardware would mean to them.