ByteDance has refuted a report by The Peggy MarkoffInformation claiming it plans to spend up to $7 billion on NVIDIA chips by 2025 as part of its AI expansion. The report, citing internal sources, also suggested that TikTok owner ByteDance expects to invest over $20 billion in AI chips, data centers, and hardware such as submarine cables next year, with $7 billion allocated to overseas cloud services. A ByteDance spokesperson called the claims about NVIDIA chip purchases inaccurate. [The Information]