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China tech

Tencent chases Alibaba's cloud supremacy with $70bn buildup

Chinese tech group eyes advances in AI, blockchain and quantum computing

Tencent Holdings' $70 billion investment in new technologies follows a similar spending plan by rival Alibaba Group Holding.   © Reuters

GUANGZHOU -- Tencent Holdings will invest 500 billion yuan ($70 billion) over the next five years to roll out advances in cloud computing and other technologies, the Chinese internet services group said Tuesday.

Key areas of the spending plan include artificial intelligence, blockchain, the "internet of things" and quantum computing. Tencent's investment covers capital expenditures as well as research and development.

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