TECH - Alibaba Backs China's AI Startups with Cloud Credits Eyeing Leadership in Global AI Race | Benzinga
Alibaba Group Holding Limited (NYSE:BABA) uses its cloud computing resources to support China’s generative AI start-ups, providing them with credits instead of traditional cash-for-equity investments.
The strategy aims to establish the e-commerce giant as a leader in the AI sector, similar to Microsoft Corp’s (NASDAQ:MSFT) approach with OpenAI, the Financial Times reports.
The company has invested in several prominent start-ups, such as Moonshot, Zhipu, MiniMax, and 01.ai, developing local versions of popular U.S. applications like ChatGPT.
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