China launches $47B semiconductor fund to counter US supremacy.

China has launched a new state-backed semiconductor fund worth $47 billion in an effort to boost its chip industry and counter US efforts to limit China's access to advanced chip technology. The fund, known as the China Integrated Circuit Investment Fund Phase III or "Big Fund," is the largest investment phase yet and aims to support AI-related semiconductors, manufacturing equipment, and R&D projects. By minimizing China's reliance on foreign suppliers, this move could potentially weaken the effectiveness of future US restrictions. This comes as the US tightens export controls on advanced chips and fabrication tools to hinder China's tech advancements. [Extracted from the article]