Even with Monday’s gains, Baidu’s stock is down more than 25% from its February high.
Stock of Chinese search engine Baidu rose 6% as billionaire founder Robin Li announced that a new large-language model (LLM) of artificial intelligence based on ChatGPT will soon be launched. Bloomberg writes about it.
“Large language models give rise to AI applications… Baidu will be the first company to redesign all of its products. It’s not about integrating or accessing AI. It’s about redesign and restructuring,” Li said.
Baidu stock gains
However, according to experts, even with Monday’s gains, Baidu’s stock fell more than 25% from its February high, as Ernie Bot’s product launched in March fell short of high expectations. In turn, investors are questioning the company’s ability to launch an artificial intelligence model in Chinese.
At the same time, Baidu was one of the best participants in the Hang Seng indicator for Chinese technology stocks, which reversed gains by 1.6%. Baidu stock gains!
Recall that a week ago, the leaders of the G7 countries during the summit in Japan agreed on the need for governance in the field of artificial intelligence, expressing concern about the destructive potential of rapidly developing technologies. The G7 countries intend to hold discussions on this issue at the government level and present the results by the end of the year, calling the initiative the “Hiroshima AI Process”. Baidu site here.
Short About Baidu Company
The company was founded in 2000 as a platform for search engines. According to the founder of the company, they were among the first to introduce artificial intelligence in 2010 to simplify the search for content on the Internet. Used “Baidu Brain”, an artificial intelligence technology engine, to develop new lines of business in the field of artificial intelligence.
Today, Baidu is already a leading AI company from China. One of the very few companies in the world that offers a full stack of AI, including an infrastructure consisting of AI chips, a deep learning framework, core AI capabilities such as natural language processing, knowledge graph, speech recognition, computer vision and augmented reality, and open AI platform to facilitate wide application and use.
Baidu has been listed on the NASDAQ National Market (later renamed Nasdaq Global Market) since August 2005, and since March 2021 on the Hong Kong Limited (SEHK) Stock Exchange.