China's Tech Sector Wants to Win the AI Race

China is intensifying its efforts to compete with US tech giants in the AI sector, with a projected $15 billion investment in AI this year. Major Chinese companies like Baidu and Alibaba have launched large language models, while entrepreneurs are investing in startups to create China's version of OpenAI. This surge in AI development is expected to lead to new platforms and applications across various industries. Despite challenges like censorship and US chip bans, China is closing the gap with the US, with Chinese AI venture deals reaching over two-thirds of the US total. The future of AI in China looks promising as the country prepares to tackle upcoming challenges.

How do Chinese tech tycoons perceive the gap between China and the US in AI development?

What challenges do Chinese companies face in the AI sector according to the text?