Baidu has launched a number of AI applications after Arnie Chatbot received general approval.
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China’s technology giant Baidu Hong Kong stocks surged nearly 16% on Wednesday as they strengthened their artificial intelligence program and partnerships on Wednesday.
The Beijing-based company, which holds a dominant position in the Chinese search engine market, had earned nearly 8% overnight in US trading.
The strong equity performance comes after Baidu secured an AI-related contract earlier this week with China Merchants Group, a leading state-owned company focusing on transportation, finance and real estate development.
According to a statement from Baidu, translated by CNBC, “Both sides plan to focus on large-scale language models, AI agents and the application of “digital employees.”
Baidu is actively pursuing AI businesses, including popular leading language models and AI chatbot Ernie Bot.
To train AI models, the company also reported information reported last week, citing people with direct knowledge of the issue.
Baidu’s chip drives could help reduce reliance on AI chips, in addition to providing new potential business ventures. nvidiais subject to changes in export controls from Washington.
Baidu revealed on Tuesday its offshore bond offering of 4.4 billion yuan ($56.2 million) as it seeks to gain an edge in China’s competitive AI space.
Other Chinese AI players, etc. Tencent It also raises funds, including debt sales this year.
Gimme Credit Senior Bond analyst Saurav Sen said in a report last week that Baidu’s recent capital allocation revealed that the company is doing “all-in AI pivots.”
Baidu, which has won nearly 59% in Hong Kong’s stock, reported a decline in revenue for the second quarter this year as the core advertising business struggles and returns from AI Investments remain limited.
