Posted 2/27/2024, 5:44:27 AM
Alibaba Leads $2.5B Funding in Chinese AI Startup Moonshot, Valuation Soars 8x to $2.5B Amid Generative AI Race
- Alibaba leads $2.5B funding round in Chinese AI startup Moonshot, boosting its valuation 8x to $2.5B
- Moonshot develops generative AI like ChatGPT; launched AI chatbot and developer platform
- Alibaba joins Tencent and Silicon Valley firms making big bets on generative AI
- Comes as Alibaba tries to revive growth by investing in cloud and AI amid economic downturn
- Sign of intensifying competition in Chinese AI sphere despite US sanctions complications