China’s tech giants have doubled capital spending this year as they splurge on artificial intelligence infrastructure, despite US sanctions designed to limit the country’s progress in the crucial technology.
Alibaba, Tencent and Baidu had combined capital expenditure of Rmb50bn ($7bn) in the first half, compared with Rmb23bn a year earlier. The groups said the focus was on buying processors and infrastructure related to powering the training of large language models for AI, both their own models and those of others.
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