MiniMax has confidentially filed for an initial public offering in Hong Kong, according to people familiar with the matter, signaling the onset of a race among China’s generative AI startups to tap public markets.

Chinese AI startup MiniMax has filed confidentially for a Hong Kong initial public offering, targeting a valuation of over $4 billion in the float, which could happen before the end of this year, three people with knowledge of the matter said.

Nvidia chief executive Jensen Huang called China's open-source artificial intelligence a "catalyst for global progress" and hailed the country's

Alibaba-backed startup Moonshot released on late Friday night its Kimi K2 model, touting performance that rivals many U.S. models.

American officials have quietly been grading Chinese artificial intelligence programs on their ability to mold their output to the Chinese Communist Party's official line, according to a memo reviewed by Reuters.

Data center operators in China, which use Nvidia’s H20 chips to crunch data for various AI services, have been struggling to find a local alternative that is as good as the U.S. company’s chips.

Nvidia announced it has received the OK to resume selling its pared down H20 chip in China.