Silicon Valley used to be the world’s epicenter for IT, AI and machine learning, but the Chinese companies currently spend more on these technologies. China’s tech giants such as Baidu are outspending the giants of Silicon Valley in the race to invest in artificial intelligence and machine learning this year.
This is one of the conclusions from new research by Pitchbook, a financial data firm. Together, the biggest eight US and Chinese tech companies are investing around €12.1 billion on AI. From these companies, “Chinese firms such as Baidu, Alibaba, Ant Financial and Tencent have taken a clear lead”, reports The Telegraph.
The Chinese companies have been involved in €11.1 billion of the total, while their U.S. competitors Alphabet, Amazon, Apple and Facebook – have been part of deals in AI totaling just €1.47 bn.
According to the Telegraph report, “China’s surge of interest in AI points to Beijing’s increasing focus on high technology.”
Further reading on telegraph.co.uk