ByteDance’s first-half net profit reportedly fell to $20 billion as AI spending increased, according to three people familiar with the company’s finances cited by The Information. Revenue reached $120 billion, up about 30% year on year, with TikTok’s international advertising and e-commerce businesses providing a major boost.
The report said ByteDance is expanding AI cloud services and developing in-house inference chips. Its Seedance video models are also described as among the global leaders in AI video generation. [The Information]