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Meituan to Invest “Billions” in AI Chips, Joining China’s AI Spending Surge

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Meituan, China’s leading food delivery company, has announced plans to invest “billions” in chips for training artificial intelligence (AI) models, according to CEO Wang Xing during the company’s post-earnings call on Friday. This move aligns with the growing trend of significant AI investments by China’s tech giants.

The announcement comes as the company seeks to bolster its capabilities in AI, a sector rapidly gaining traction across industries. Meituan’s investment is part of a larger wave of funding within the tech sector, with companies like Alibaba also ramping up their AI-related expenditures. In February, Alibaba revealed plans to allocate at least 380 billion yuan toward cloud computing and AI infrastructure over the next three years.

These investments underscore the increasing competition in China’s tech industry as firms race to develop the next generation of AI technologies. Meituan’s focus on AI chip development signals its commitment to maintaining its leadership in food delivery and expanding into other AI-driven sectors.

Beijing Supports AI Startup Manus in Bid for Global AI Dominance

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Chinese AI startup Manus has made significant strides, with its China-facing AI assistant now officially registered and receiving notable state media attention, as Beijing continues to promote domestic AI companies. The startup, which recently garnered global attention for releasing what it claims is the world’s first general AI agent capable of making decisions and executing tasks autonomously, is being positioned as a key player in China’s ambition to rival global AI leaders.

Manus’ breakthrough moment came when the company went viral on social media platform X, following the introduction of its AI agent, which offers a more advanced and independent functionality compared to current AI chatbots like ChatGPT and the AI model DeepSeek. Beijing’s state-run CCTV aired a segment showcasing Manus, highlighting the AI agent’s unique capabilities, and comparing it to DeepSeek’s AI chatbot, which also gained recognition for offering competitive performance at a fraction of the cost of its U.S. counterparts.

The Chinese government has supported Manus’ development, with Beijing’s municipal government approving the registration of Manus’ earlier AI assistant, Monica, which is a necessary step for launching generative AI apps in China. This regulatory approval aligns with Beijing’s strategy of bolstering the domestic AI sector while maintaining tight control over content deemed sensitive by the authorities.

In addition to government backing, Manus secured a strategic partnership with the team behind Alibaba’s Qwen AI models, further strengthening its position in the competitive AI landscape. Manus’ AI agent is currently available through an invite-only system, with a waitlist reportedly exceeding 2 million users.

Meituan’s Revenue in Line with Estimates Amid Sluggish Consumption and Rising Competition

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Meituan, China’s largest food delivery company, posted fourth-quarter revenue that met analysts’ expectations, despite the ongoing sluggishness in Chinese consumption. The company reported revenue of 88.5 billion yuan ($12.21 billion) for the three months ending December, just above analysts’ forecast of 87.7 billion yuan, according to LSEG data.

For the full year, Meituan’s revenue reached 337.59 billion yuan, a significant increase from 276.75 billion yuan in 2023. Its net profit surged to 35.81 billion yuan, up from 13.86 billion yuan the previous year, signaling robust growth despite broader economic challenges.

The company highlighted its strategic focus on expanding investments in cutting-edge technologies, including artificial intelligence, unmanned aerial delivery, and autonomous delivery vehicles. These initiatives are aimed at strengthening its position in the highly competitive food delivery market.

Meituan has benefited from an increased focus on low-cost and discounted products, catering to price-conscious shoppers. However, competition in the sector is heating up, particularly with e-commerce giant JD.com entering the food delivery space in February. JD.com announced it would provide full-time delivery riders with social insurance and housing fund contributions under China’s social security system, prompting Meituan to follow suit. Meituan plans to extend similar benefits to its full-time and stable part-time riders starting in the second quarter of 2025.

“As the industry leader, we are also dedicated to fulfilling our social responsibilities by creating employment opportunities and improving courier welfare,” Meituan stated in its earnings report.