ByteDance, the Chinese owner of TikTok, has earmarked over 150 billion yuan ($20.64 billion) in capital expenditure for this year, much of which will be centred on artificial intelligence, two people briefed on the matter said.

ByteDance: The main beneficiaries of the spending will be chipmakers Huawei Technologies and Cambricon Technologies plus US supplier Nvidia, the people said, declining to be identified as the information was confidential.