Sources
Loading...
Additional media
Loading...
DeepNewz, mobile.
People-sourced. AI-powered. Unbiased News.
🚨 Chinese AI startup MiniMax has raised $600M in a funding round led by Alibaba. The deal brought MiniMax’s valuation to over $2.5Bn & marks Alibaba’s second major AI investment just this year – after recently leading a $1Bn round for Moonshot AI, which valued it at $2.5Bn too https://t.co/cZoD3UfDG3
$AMD (-1.6% pre) AMD Hits US Roadblock in Selling AI Chip Tailored for China - BBG https://t.co/jWUMwRI5dS
JUST IN: Alibaba is leading a $600M+ round in large-scale AI model startup MiniMax, boosting valuation to $2.5B+ The investment marks Alibaba's 2nd major investment in AI this year after its $1B round in Moonshot AI
Alibaba, as the core lead investor and trading under the ticker $BABA, is spearheading a financing round of at least $600 million for the two-year-old Chinese AI startup MiniMax. This investment, Alibaba's second major foray into the AI sector this year following a $1 billion investment in Moonshot AI, which also reached a $2.5 billion valuation, is set to push MiniMax's valuation to over $2.5 billion. HongShan has also committed funds to the round. Meanwhile, US tech giants are facing hurdles in China, with Apple's iPhone sales plummeting by 24% in the first six weeks of 2024, and AMD being blocked by the US government from selling a custom AI chip to China.
