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China’s Tencent To Pour $70B Into ‘New Infrastructure’ Including AI
[e-mail] (Ben Mahaney)
SmarterAnalystMay 26, 2020, 6:54 AM CDT
China’s Tencent Holdings (TCEHY), the world’s largest online gaming company, has revealed that it will invest 500 billion yuan ($70 billion) in technology infrastructure over the next five years.

The investment will focus on cloud computing, artificial intelligence and cybersecurity, as well as blockchain, servers, big data centers, supercomputer centers, internet of things operating systems, 5G networks and quantum computing.

It is also in line with China's ‘new infrastructure’ strategy, with China hoping that heavy tech spending on areas such as 5G will revive its flailing economy. Due to the coronavirus pandemic, the country’s first quarter GDP contracted by 6.8%- the first contraction in decades.