From Yahoo Finance:

Alibaba Group Holding Ltd. leads a $1 billion financing round for Chinese AI startup Moonshot AI, increasing the firm’s valuation to $2.5 billion. The startup, founded in March 2023, focuses on generative AI to compete with industry giants like OpenAI and Google. Moonshot AI rolled out its Kimi chatbot last November and offers a platform for developers to build AI applications on its model. The move is part of Alibaba’s strategy to invest in game-changing technologies like AI amidst regulatory scrutiny and economic challenges. Despite US sanctions on Chinese AI firms, investors continue to pour billions into AI startups in China.



Read more at Yahoo Finance: Alibaba Leads Record Deal to Create $2.5 Billion China AI Firm