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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
YUSUKE HINATA, Nikkei staff writer | China

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.

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