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Market Chatter: China Earmarks 2 Trillion Yuan in Nationwide AI Push

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The Chinese government is set to spend 2 trillion yuan over the next five years to build artificial intelligence data centers, Bloomberg reported Tuesday, citing people familiar with the matter.

The National Development and Reform Commission will set up interconnected hubs across China, while state-owned telcos China Mobile (HKG:0941, SHA:600941) and China Telecom (HKG:0728, SHA:601728) will operate the data centers, according to Bloomberg.

China will then get its AI chips from local suppliers such as Huawei, according to Bloomberg.

The plan is seen to be China's most aggressive effort for AI aimed at surpassing U.S. technology, according to the newswire.

National Development and Reform Commission, China Mobile and China Telecom did not immediately respond to' request for comments.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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