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. The privately held technology giant plans to spend about half of the amount abroad on AI-related infrastructure, primarily data centres and networking equipment, they said.
The main beneficiaries of the spending will be chipmakers Huawei Technologies and Cambricon Technologies plus US supplier Nvidia, the people said,…