02:53 PM EST, 12/30/2024 (MT Newswires) -- ByteDance, the parent company of TikTok, plans to spend up to $7 billion on Nvidia's ( NVDA ) advanced artificial intelligence chips outside China in 2025, The Information reported Monday, citing a source.

Led by co-founder Zhang Yiming, the effort positions the TikTok parent as a major consumer of Nvidia ( NVDA ) hardware despite US restrictions on Chinese firms accessing such technology, the report said.

ByteDance did not immediately respond to MT Newswires' request for comment.

Nvidia's ( NVDA ) shares rose 1.5% in recent trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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