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ByteDance Reportedly Making Major Foray into CN Cloud Mkt, Challenging Alibaba
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ByteDance is ambitiously making its foray into China's cloud market, aiming to leverage its AI technology advantages to diversify its business beyond the consumer applications that propelled its rise, Financial Times, citing people with the knowledge of the matter, reported. The company has rapidly expanded its enterprise cloud service platform "Volcengine" in recent months, with the goal of defeating competitors through an expanded sales team and price wars, as revealed by ByteDance employees, customers, and competitors. Volcengine has become China's second-largest AI infrastructure and software provider, second only to BABA-W (09988.HK), research firm IDC data showd. ByteDance accounted for nearly 13% of China's AI cloud service revenue in the first half of last year, while Alibaba's share was 23%. AASTOCKS Financial News Website: www.aastocks.com |
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