Chinese AI startup Moonshot AI, backed by Alibaba Group Holding Ltd., reached a $4.8 billion valuation. This valuation followed a new funding round. The figure marks a significant increase from its previous valuation just weeks earlier. Intense investor interest drove the financing deal. Moonshot AI features the chatbot Kimi.
Enthusiasm for local AI firms is rising because access to U.S. platforms like ChatGPT remains restricted in mainland China. This restriction fosters a favorable environment for domestic AI development and investment. Alibaba's backing positions the tech giant to capitalize on this rapidly expanding sector. The investment reflects a strategic focus on technological growth.