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"China accelerated its purchase of semi manufacturing equipment since the U.S. imposed tighter export restrictions in October 2022, aiming to develop its own semi manufacturing capability," the report said.

The BofA analysis looked at Lam Research , ASML, KLA Corp. and Applied Materials .

The research found the companies' China revenue more than doubled from 17% of their total revenue in the fourth quarter of 2022 to 41% in the first quarter of 2024.

"Tech, especially semi, is at the center stage of trade tensions with China, which could be more at risk if tensions further escalate from here," the report said.

The U.S. in October 2022 started imposing sweeping export controls on U.S. sales of advanced semiconductors and related manufacturing equipment to China. Last week, Bloomberg reported, citing sources, that the Biden administration was considering broader restrictions on semiconductor equipment exports to China that could affect non-U.S. companies.

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