:Chinese food delivery giant Meituan said on Thursday that it is acquiring artificial intelligence (AI) company Light Year from its co-founder and former director Wang Huiwen, in a bid to develop its own generative AI.The total deal includes $233.7 million in cash and 366.9 million yuan ($50.66 million) worth
:Chinese food delivery giant Meituan said on Thursday that it is acquiring artificial intelligence company Light Year from its co-founder and former director Wang Huiwen, in a bid to develop its own generative AI.The acquisition comes at a time when AI has captivated investor interest across the globe, prompting a flurry of investments or acquisitions by businesses in a rush to develop generative AI like ChatGPT.
The deal allows Meituan, in which online advertising giant Tencent holds an 18.7 per cent stake, to strengthen its position in the AI landscape of China. Light Year AI is an artificial general intelligence company involved in the research and development of large language models, and was founded and controlled by Huiwen who helped establish Meituan in 2010.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China's Meituan to buy AI firm Light Year from co-founderChinese food delivery giant Meituan said on Thursday its units are buying Light Year, an artificial intelligence company, from the firm's co-founder and former director Wang Huiwen.The total deal includes $233.7 million in cash and 366.9 million yuan ($50.66 million) worth of debt, Meituan said.
Read more »
56-year-old Chinese millionaire fails China’s university entrance exam for the 27th timeLiang Shi, the 56-year-old Chinese millionaire dubbed the “King of Gaokao,” has failed China’s notoriously difficult entrance exam for the 27th time. The annual standardized college entrance exam is typically taken during the third and final years of high school. The maximum score on the test is 750, and test takers are required to earn more than 600 points to secure a place at China’s top universities.
Read more »
China steel exports seen surging to seven-year high as home demand wiltsBEIJING : China is set to export the most steel this year since 2016, say analysts, as the weakening yuan and competitive prices help the world's biggest producer offload surplus metal due to weak demand at home. China's massive steel industry has been hard hit by a months-long slump in the country's huge
Read more »
Volkswagen China chief asks China's premier Li for clarity on data transfersBERLIN : Volkswagen's head of its business in China said on Tuesday that the carmaker needed clarity on cross-border data transfers in a meeting with the country's Premier Li Qiang, asking how China would cooperate with Europe amid rising political tensions.'As a globalized industry, the transformation o
Read more »
US asks Asean claimants to resolve own South China Sea issues before taking on ChinaThis is so that they could strengthen their “collective voice” in negotiations with China. Read more at straitstimes.com.
Read more »
Familiar names light up under-20 World Cup in South AfricaCAPE TOWN :The under-20 World Cup in South Africa is shining a spotlight on the best young talent on the planet, including the sons of former Rugby World Cup winners and several others hoping to follow 'the old man' into test rugby.England scrumhalf Charlie Bracken's dad Kyran won the 2003 World Cup and also
Read more »