Page 4 - Wang Xing News Today

BEIJING, June 30 (TiPost)— The world’s No.1 food delivery service provider joined a heated artificial intelligence (AI) race with the biggest Artificial Intelligence-Generated Content (AIGC) deal in its homeland. The new effort was deemed as a brilliant move to kill two birds with one stone, as i...

(Bloomberg) -- Meituan is buying a co-founder’s generative AI startup for almost $234 million, a deal that gets the food-delivery giant into a Chinese race to develop ChatGPT-like services.Most Read from BloombergSwitzerland Blocks Sale of Leopard 1 Tanks Bound for UkraineA $100 Billion Wealth Migration Tilts US Economy’s Center of Gravity SouthTrump ‘Standing Order’ to Declassify Not Found by DOJ, Intelligence AgencyPutin Claims He’s Back in Control. Russia&#x...

China’s tech sector has a new obsession: competing with U.S. titans such as Google and Microsoft in the breakneck global artificial intelligence race.

The cash consideration includes a $28-million payment to HongShan, which holds a 2.44% stake in Light Year.

Meituan is buying out four-month-old AI start-up founded by former executive and long-time aide of CEO Wang Xing.

Meituan announced that it will be fully acquiring Light Years Beyond for $233.7 million in cash. It's also taking on the startup's $50.66 million debt.

Billionaire entrepreneurs, mid-level engineers and veterans of foreign firms alike now harbor a remarkably consistent ambition: to outdo Chinas geopolitical rival in a technology that may determine the global power stakes.

China's tech sector has a new obsession: competing with US titans like Google and Microsoft Corp. in the breakneck global artificial intelligence race.

Billionaire entrepreneurs, mid-level engineers and veterans of foreign firms alike now harbor a remarkably consistent ambition: to outdo China's geopolitical rival in a technology

A ChatGPT-inspired global wave of AI activity is only just beginning in the next battle for supremacy in technology.