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Tencent invests $ 70 billion in “new infrastructure”

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Tencent invests $ 70 billion in “new infrastructure”

Chinese tech giant Tencent Holdings said Tuesday it will invest 500 billion yuan ($ 70 billion) over the next five years in technology infrastructure, including cloud computing, artificial intelligence and cybersecurity..

Tencent invests $ 70 billion in 'new infrastructure'

The announcement comes after Beijing last month announced the need to structurally renovate the world’s second largest economy through investment in «new infrastructure» and growing demand for business software and cloud services.

«Other key investment sectors include blockchain, servers, large data centers, supercomputing centers, IoT operating systems, 5G networks, and quantum computing», – Vice President of Tencent told state media Dawson Tong.

Tencent is best known for its WeChat messaging app and a range of popular games, but the company is looking to expand its business services capabilities as consumer internet growth slows and companies shift operations from their servers to the cloud..

Tencent Shares Up 2.5% Following Announcement.

While cloud companies have been hit by the COVID-19 outbreak, Tencent is expected to see accelerated adoption of cloud services and enterprise software in autonomous industries and the public sector over the longer term..

«Speed ​​up strategy “new infrastructure” will contribute to further success in containing the spread of the virus», – quoted by Tong Guangming Daily.

Tencent Cloud had 18% of China’s cloud market in the fourth quarter, behind Alibaba Group Holding Ltd, which had a 46.4% share, according to research firm Canalys..

Last month, tech giant Alibaba said it would invest 200 billion yuan in its cloud infrastructure over three years..