BEIJING (Reuters) – Wang Xing, CEO of China’s largest food delivery firm Meituan, said on Friday in a post-earnings call that the company is pouring “billions” into chips used to train AI models, with more investment planned this year. The escalated spending and promise of further increases aligns with similar large-scale AI investments by China’s […]
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Meituan joins China’s AI spending race, says investing ‘billions’ in chips
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BEIJING (Reuters) – Wang Xing, CEO of China’s largest food delivery firm Meituan, said on Friday in a post-earnings call that the company is pouring “billions” into chips used to train AI models, with more investment planned this year.
The escalated spending and promise of further increases aligns with similar large-scale AI investments by China’s other tech giants. E-commerce conglomerate Alibaba announced in February that it would allocated at least 380 billion yuan toward cloud computing and AI infrastructure over the next three years.
(Reporting by Eduardo Baptista; Editing by Sharon Singleton)