ByteDance: The main beneficiaries of the spending will be chipmakers Huawei Technologies and Cambricon Technologies plus US supplier Nvidia, the people said, declining to be identified as the information was confidential.

ByteDance, the Chinese owner of TikTok, has earmarked over 150 billion yuan ($20.64 billion) in capital expenditure for this year, much of which will be centred on artificial intelligence, two people briefed on the matter said.

ByteDance plans to invest over $20.64 billion in capital expenditure this year, mainly focusing on artificial intelligence infrastructure such as data centers and networking equipment. This spending aims to bolster AI capabilities both domestically and internationally,