National IC Fund (Big Fund III)
~344B RMB state chip fund bankrolling self-sufficiency
China's National Integrated Circuit Industry Investment Fund Phase III, launched in 2024 at ~344 billion RMB, is the largest state vehicle funding domestic fabs, equipment (NAURA/AMEC), memory (CXMT/YMTC) and AI-chip makers. It is the financial engine of China's semiconductor and AI self-sufficiency strategy.
Size
~344B RMB (Phase III)
How it fits the stack
National IC Fund (Big Fund III) with what it depends on (above) and what it feeds (below). The figure renders as a crawlable diagram and upgrades to an interactive 3D graph as it scrolls into view.
National IC Fund (Big Fund III) in the AI stack. National IC Fund (Big Fund III) with its immediate upstream dependencies (top) and downstream dependents (bottom) in the AI value chain. Hover a node in 3D, or read the full relationships below.
Graph data (text) — 5 entities, 4 relationships
- National IC Fund (Big Fund III) —invests in→ China (industrial policy & retaliation)
- National IC Fund (Big Fund III) —invests in→ CXMT (ChangXin Memory)
- National IC Fund (Big Fund III) —invests in→ NAURA Technology
- National IC Fund (Big Fund III) —invests in→ SMEE / SiCarrier lithography effort