Posted 3/5/2024, 8:03:23 PM
Alibaba Leads $600M Funding in Chinese AI Startups to Advance China's AI Goals, But Faces Challenges
- Alibaba joins other investors to provide $600M in funding to Chinese AI startup MiniMax, now valued at over $2.5B
- Alibaba also backs another Chinese AI startup, Moonshot AI, to advance China's AI capabilities
- China aims to spend $15B on AI by 2023 and establish its own AI empire to catch up with other countries
- However, China faces challenges in AI development due to export restrictions on necessary chips and lack of infrastructure
- Analysts have a Strong Buy rating on BABA stock with an average price target of $101.55, implying 40.87% upside potential