Alibaba Group Chairman Joe Tsai said on Tuesday the tech giant would recommence hiring, emboldened with more confidence following President Xi Jinping's February meeting with business entrepreneurs.

Alibaba-backed Ant Group said it used Chinese-developed chips to train AI models at a 20% lower cost and with similar results to what Nvidia Corp. chips for the

The rare meeting with Alibaba co-founder Jack Ma and other big names in Chinese tech marked a distinct thawing in Beijing's approach to the sector. The industry was hit by a regulatory clampdown four years ago that had sapped corporate appetite for investment and led to widespread layoffs.