Alibaba's Cloud Computing Competitor Highlights Chip Development Progress

Computer games and social media app WeChat owner Tencent Holdings Ltd (OTC:TCEHY) is offering a rare public glimpse of its R&D initiatives on semiconductor chip development and investment, Reuters reports.
Tencent has been steadily investing in the research and development of semiconductors along with other Chinese tech firms.
"Facing scenarios with strong business needs, Tencent has had a long-term plan and investment for chip R&D," Tencent posted.
Tencent's cloud and smart industry group CEO Tang flagged advances in three directions at a company event.
Tencent highlighted three chips developed by Tencent, including a chip for AI computing called Zixiao, another for video processing, known as Canghai, and a chip for high-performance networks named Xuanling.
Tencent also announced its Orca cloud operating system.
Chinese e-commerce firm Alibaba Group Holding Ltd (NYSE:BABA), a competitor in China's market for cloud computing, showcased a new server chip for data centers in October.
Chinese smartphone maker Xiaomi Corp (OTC:XIACF) (OTC:XIACY) revealed its Surge 1 chip for image processing in phone cameras in 2021.
Related Content: Weighing The Cons Of Alibaba's Chip Development
Price Action: TCEHY shares traded higher by 2.90% at $60 in the premarket session on the last check Wednesday.