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(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’s Elite Isn’t SureSupreme Court Rejec

Meituan is buying out Light Year, an artificial intelligence (AI) start-up established by a co-founder and ex-director at the food delivery services giant, for a total consideration of $281 million, as Chinese Big Tech firms step up their interest in AI, reports the South China Morning Post. The deal involves $233.7 million in cash and…

Meituan: The deal comes at a time when AI has captivated investor interest across the globe, prompting a flurry of investments or acquisitions by businesses in a rush to develop generative AI like ChatGPT.

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