This article only represents the author's own views.
OpenAI’s release of ChatGPT last November has been a rainmaker for generative AI developers, opening the floodgates for new investment in the area in China. Even before the chatbot burst on the scene, big names like Alibaba (BABA.US; 9988.HK) and Baidu (BIDU.US; 9888.HK), as well as smaller ones like iFlytek (002230.SZ), were already putting big resources into developing their own rival products.
The gold rush has also begun channeling big new funds into startups backed both by big tech and venture capital firms. One such beneficiary, Shanghai-based MiniMax, made a splash last month on news that its large language model (LLM) would be imbedded in Chinese software developer Kingsoft’s (3888.HK) office productivity apps as part of a bigger partnership.