Zhou Chaonan becomes one of Asia's richest women as ByteDance's AI boom drives her wealth

Zhou Chaonan, founder of Range Intelligent Computing Technology Group, has become one of Asia's richest women with a net worth of $10.5 billion. Her wealth surged due to the rise of ByteDance and the AI boom, with her company's stock rising 105% in 2024. Range Intelligent provides computing power for ByteDance's AI initiatives, including the newly launched AI bot Doubao. The Chinese government’s support for AI infrastructure has also boosted the company, which reported a 112% revenue increase in the first half of 2024. ByteDance is aggressively competing in the AI market by offering services at significantly lower prices than its rivals. This strategy aims to attract customers amid growing global demand for data center capacity, which is expected to triple by 2030.