China's National Integrated Circuit Industry Investment Fund Shifts Focus to Advanced Packaging, Equipment, and AI Chips

China's National Integrated Circuit Industry Investment Fund (the 'Big Fund') Phase III, launched in 2024, marks a significant strategic pivot. Investments are now increasingly focused on advanced packaging, semiconductor equipment and materials, and computing chips, moving away from its earlier emphasis on fab-building. This shift aims to strengthen the semiconductor supply chain amid rising U.S. restrictions.