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DeepNewz, mobile.
People-sourced. AI-powered. Unbiased News.
China's major technology companies, including Alibaba, Tencent, and Baidu, are significantly increasing their investments in artificial intelligence (AI) despite facing restrictions from the United States. These companies are focusing on acquiring infrastructure to support the training of large language models. Baidu's AI cloud revenue reached RMB 5.1 billion in Q2 2024, showing a 14% year-over-year growth, with generative AI-related revenue accounting for nearly 9% of the total AI cloud revenue, up from 6.9% in Q1 2024. Since 2023, 30% of Tencent's and 40% of Alibaba's deals in China have been directed towards AI startups. The competition for dominance in China's AI sector is intensifying, even with reduced capital support for AI startups.
The battle for dominance in China’s AI industry is heating up despite there being less capital backing AI startups there: $BIDU $TCEHY https://t.co/cKXLe6dEt8 https://t.co/E1Si7N9p3K
Alibaba $BABA and Tencent are boosting their investments in AI to record levels – since 2023, 30% of Tencent’s and 40% of Alibaba’s deals in China have been to AI startups. $BIDU $MSFT $NVDA
$BIDU CEO: "AI cloud revenue reached RMB 5.1 billion, marking a consecutive acceleration to 14% YoY growth while sustaining non-GAAP operating profitability in Q2 24...Gen-AI-related revenue accounted for nearly 9% of our total AI Cloud revenue in Q2, up from 6.9% in Q1 24"
