China offers tech giants cheap power to boost domestic AI chips: Report

China has increased subsidies that cut energy bills by up to half for some of the country’s largest data centres, the Financial Times reported on Monday, citing people familiar with the matter.

Local governments have beefed up incentives to help Chinese tech giants such as ByteDance, Alibaba and Tencent, which have been hit with higher electricity costs following Beijing’s ban on purchasing Nvidia’s artificial intelligence chips, the newspaper reported.

Reuters could not immediately confirm the report.