Published on 27 May 2024 on Benzinga
While Nvidia Corp. NVDA and Advanced Micro Devices, Inc. AMD may be among those U.S. chipmakers losing sleep over contraction in China revenue, a new report said on Monday that China could be looking to beef up its domestic semiconductor industry.
What Happened: China set up its largest-ever semiconductor investment fund with Big Fund III, having collected 344 billion yuan (about $48 billion), a Bloomberg report said. The financing came from the Chinese central government and various state-owned banks and enterprises, the report said citing Tianyancha, an online platform that aggregates official company registration information.