Why Baidu Shares Are Trading Higher Premarket Today

Anusuya Lahiri
·1 min read

  • Baidu, Inc (NASDAQ: BIDU) prepared to complete internal testing of a ChatGPT-style project called "Ernie Bot" in March, as interest in generative artificial intelligence gained steam.

  • A flurry of Chinese AI stocks also rallied, as the global frenzy around the Microsoft Corp (NASDAQ: MSFT) -backed chatbot sensation ChatGPT spurred speculative bets on the new technology, Reuters reports.

  • Just two months after its launch, ChatGPT became the fastest-growing consumer app in history.

  • It has prompted many tech firms to double down on the heavily hyped generative AI technology.

  • Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL) Google shared plans to launch a chatbot service and more AI for its search engine while Microsoft eyed its own AI reveal.

  • Baidu aims to make the service a standalone application and gradually merge it into its search engine by incorporating chatbot-generated results when users make search requests.

  • Baidu invested heavily in AI technology, including cloud services, chips, and autonomous driving, to diversify its revenue sources.

  • Price Action: BIDU shares traded higher by 14.9% at $164.14 premarket on he last check Tuesday.

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