Tencent to invest $70b in AI, cloud computing and cybersecurity

FILE PHOTO: WeChat mascots are displayed inside Tencent office at the TIT Creativity Industry Zone in Guangzhou, China May 9, 2017. REUTERS/Bobby Yip/File Photo

Chinese tech giant Tencent Holdings will invest 500 billion yuan ($70 billion) over the next five years in technology infrastructure including cloud computing, artificial intelligence and cybersecurity, the company said Tuesday.

The announcement comes after a call by Beijing last month for a tech-driven structural upgrade of the world’s second-largest economy through investment in “new infrastructure” and a boom in demand for business software and cloud services.

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