China’s internet giants, including Alibaba (BABA) and Tencent (TCEHY), are betting billions on developing the country’s OpenAI challengers, Raffaele Huang and Tracy Qu of The Wall Street Journal reports. Both companies have reduced their overall investments in the past two years, but their interest in AI has intensified. Since 2023, 40% of Alibaba’s deals in China and 30% of Tencent’s have been on AI startups.
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