Meituan Joins China's AI Investment Race, Pledges Billions for Chip Development

Wang Xing, CEO of China's largest food delivery firm Meituan, stated in a post-earnings call that the company is investing billions in chips for training AI models, with more investment planned for this year. This increased spending aligns with similar large-scale AI investments by other Chinese tech giants. For instance, e-commerce conglomerate Alibaba announced in February that it would allocate at least 380 billion yuan toward cloud computing and AI infrastructure over the next three years.