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Alibaba leads record deal to create $3.4 billion China AI firm

Summary by Ground News
Alibaba joins Tencent Holdings Ltd. and Silicon Valley peers like Microsoft Corp. in placing big bets on generative AI. It led a $1 billion funding round in Moonshot AI with existing backer Monolith Management, boosting the year-old firm's valuation eight-fold to some $2.5 billion.
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