Semiconductor Industry, the Foundation of the Contemporary Technological Revolution, has been continuously evolving from the early transistors to today’s advanced microchips. Historically dominated by powers such as the United States, the last decade has witnessed the rise of Asia, especially China, as a vital center for production and research, reshaping the geopolitical balance of the sector. Driven by the growing demand for electronic devices and digitization, the industry faces challenges such as the recent chip shortage, exacerbated by the COVID-19 pandemic. However, emerging technologies like tunnel gate transistors, graphene, and resistive memory promise to further revolutionize the field. This narrative review provides a comprehensive analysis of the evolution of semiconductors, highlighting technological innovations, current challenges, and geopolitical implications, with a special focus on the intersection between economy and technology.