While Nvidia Corp. (NASDAQ:NVDA) and Advanced Micro Devices, Inc. (NASDAQ: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. The fund was reportedly incorporated on May 24 in a bid to sidestep the U.S. government’s China chip ban and nurture its own semiconductor industry. The U.S. has also been influencing its allies, including the Netherlands, Germany, South Korea and Japan, to tow in line with its restrictive policy toward China. China's Ministry of Finance is the largest shareholder in the fund, with investment firms owned ...