Hong Kong-listed SenseTime says generative AI will help the firm turn a profit in 2 years [Yahoo! Finance]
CHINA MRCHNTS BK UNSP/ADR (CIHKY)
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Source: Yahoo! Finance
AI business tripled last year, and is expected to become the company's new profit engine, according to CEO and co-founder Xu Li. Hong Kong-listed SenseTime reported revenue of 1.184 billion yuan (US$163.4 million) from its generative AI-related business for 2023, marking a 199.9 per cent year-on-year increase, according to its latest annual financial report. In April last year, SenseTime launched its self-developed large language model (LLM), SenseNova, amid the explosion of LLM projects in China since Microsoft-backed OpenAI introduced innovative generative AI tools, including ChatGPT and more recently text-to-video service Sora. Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge , our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. "We set the goal for a 100 per cent growth of our generative AI business this year," Xu told the South Chi
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