Alibaba's Ant Group Launches NextEvo AI Unit to Drive Growth After Regulatory Setbacks
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Ant Group, the Chinese fintech affiliate of Alibaba, has set up a new AI unit called NextEvo, led by former Google engineer Xu Peng.
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NextEvo will drive Ant's core AI efforts including its large language model Bailing and algorithms for NLP and content generation.
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Ant is resuming growth after regulatory crackdowns, with the central bank granting a key license for its credit rating agency and founder Jack Ma's voting rights reduced.
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Ant received approval last year to release consumer products built on large language models like ChatGPT.
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NextEvo leader Xu Peng worked at Google for over a decade on machine translation and ads algorithms after getting advanced degrees from top Chinese and US universities.