➀ China experienced a decline in chip investment, with new investment deals dropping by 35.9% year-on-year in the first 11 months of 2024; ➁ The total funding decreased by 32.4%; ➂ ChangXin Memory and Unisoc were the largest and second-largest investors, respectively. JW Insights notes that the US semiconductor market surpassed China's in Q3, driven by massive AI infrastructure investments in the US.