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 plans to invest over $20.64 billion in capital expenditure this year, mainly focusing on artificial intelligence infrastructure such as data centers and networking equipment. This spending aims to bolster AI capabilities both domestically and internationally,

The privately held technology giant plans to spend about half of the amount abroad on AI-related infrastructure, primarily data centres and networking equipment, they said