China's top regulator summoned tech giants like Alibaba, ByteDance's Douyin, Baidu, Tencent, JD.com, Meituan, and Taobao to curb 'involutionary' competition. Firms are spending billions on Lunar New Year promotions for AI apps. The move aims to end cutthroat user acquisition battles.
Key Points
- 1.Summoned companies include Alibaba, Baidu, Tencent
- 2.Targets excessive AI app promotions
- 3.Billions spent in promotional blitz
Impact Analysis
Could temper aggressive spending and foster sustainable competition in China's AI sector. May shift focus from giveaways to innovation.