Chinese Tech Giants Alibaba And Tencent Ramp Up AI Investments, With Nearly A Third Of Deals Since 2023 Aimed At AI Startups

Quick Summary:

Chinese tech giants Alibaba Group Holding Ltd (NYSE:BABA) and Tencent Holdings Ltd (OTC:TCEHY) are significantly increasing their investments in artificial intelligence startups, despite a general decrease in their overall investments.

What Happened: Since 2023, Alibaba and Tencent have directed 40% and 30% of their deals in China, respectively, toward AI startups, marking record-high investments in the sector for both companies, reported The Wall Street Journal on Wednesday.

This shift in focus comes at a time when the two tech giants have been scaling back their investments due to regulatory challenges, the impact of the COVID-19 pandemic, and a slowing Chinese economy.

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Category: Technology

Markets: United StatesChina

Topics: NVDA BABA Kaustubh Bagalkote META Tech Markets US67066G1040 News Asia Global TCEHY Benzinga SFTBY Equities Artificial intelligence

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Article Type: News Report

Published On: 2024-08-21 @ 09:52:23 (11 hours ago)

News Timezone: GMT +8:00

News Source URL: benzinga.com

Language: English

Article Length: 455 words

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News ID: 22193154

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