One of the world’s most valuable start-ups got that way by using artificial intelligence to satisfy Chinese internet users’ voracious appetite for news and entertainment. Every day, its smartphone app feeds 120 million people personalized streams of buzzy news stories, videos of dogs frolicking in snow, GIFs of traffic mishaps and listicles such as “The World’s Ugliest Celebrities.” Now the company is discovering the risks involved, under China’s censorship regime, in giving the people exactly what they want.