TAIPEI — Tensions between the world’s two superpowers are “distorting” the semiconductor market and erasing the benefits of globalization, the CEO of the world’s top contract chipmaker said on Saturday in a speech that also expressed reservations over the global rush by countries to bring chip production onshore.

C.C. Wei, CEO of Taiwan Semiconductor Manufacturing Co., said COVID-19 and the Ukraine war will also continue to disrupt the chip supply chain but stressed that “geopolitical confrontation” is the biggest new challenge facing the industry.