China offers tech giants cheap power to boost domestic AI chips, FT reports

China is said to have increased subsidies that cut energy bills by up to half for some of the country’s largest data centers.
Local governments have beefed up incentives to help Chinese tech giants such as ByteDance (BDNCE), Alibaba (BABA), and Tencent (OTCPK:TCEHY) which have been hit with higher electricity costs following Beijing’s ban on purchasing Nvidia’s (NVDA) artificial intelligence chips, the Financial Times reported on Monday.