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China’s AI race is heating up again—and this time, Big Tech may be backing the next contender. Tencent Holding Ltd. (OTC:TCEHY) and Alibaba Group Holding Limited (NYSE:BABA) (NYSE:BABAF) are in talks to invest in DeepSeek, as the fast-rising company explores its first-ever external funding round at a valuation that could exceed $20 billion.
That’s a sharp jump from earlier discussions that pegged the raise at around $10 billion—suggesting investor demand is accelerating quickly, the Information reported.
A New AI Contender Emerges
DeepSeek isn’t a typical startup.
The company is backed by High-Flyer Capital Management, …
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